New Yield Farming App Origin Ether Gains Over $12 Million in TVL After Just 14 Days

New Yield Farming App Origin Ether Gains Over $12 Million in TVL After Just 14 Days

Origin Ether, a new yield farming app, has gained over $12 million in total value locked (TVL) just two weeks after its launch. This information comes from blockchain analytics platform DefiLlama, which measures the dollar value of assets inside an app’s smart contracts. The app was launched on May 16 and had $793,000 locked inside its contracts before the launch.

The Rapid Accumulation of Deposits

Following its public launch, Origin Ether saw a rapid accumulation of deposits. This led to a TVL of over $13 million by May 30, which is a gain of approximately $12.6 million over 14 days.

How Origin Ether Generates Yield from Ether

Origin Ether generates yield from Ether (ETH) by depositing it into multiple liquid staking and decentralized finance (DeFi) protocols. The app utilizes an algorithmic market operations strategy on Curve and Convex to maximize returns. Before being deposited to Curve and Convex, some of the ETH is converted into liquid staking derivatives, including Lido Staked Ether (stETH), Rocket Pool Ether (rETH), and Frax Staked Ether (sfrxETH). This allows users to gain additional farming rewards from these providers.

The Popularity of Liquid Staking Protocols

Liquid staking protocols have become increasingly popular as Ethereum moved to proof-of-stake consensus and enabled withdrawals. On May 1, DefiLlama reported that liquid staking protocols had become the top DeFi category, surpassing the TVL of decentralized exchanges. On May 30, cross-chain bridging protocol LayerZero partnered with the Tenet network to increase the use of liquid staking in the Cosmos ecosystem.

Origin Ether’s success in accumulating over $12 million in TVL just two weeks after its launch highlights the growing popularity of yield farming and liquid staking protocols in the DeFi space. As more users become interested in these types of platforms, it will be interesting to see how they continue to evolve and innovate.


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