Yield farming app accumulates $12M TVL 2 weeks after launch

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A new yield farming app called Origin Ether includes accumulation According to data from blockchain analytics platform DefiLlama, the total value locked (TVL) exceeded $12 million in just 14 days of launch. TVL is a metric that measures the dollar value of assets within an app’s smart contract.

The app was released on May 16, according to a representative of the development team. Data from DefiLlama shows that the app already had $793,000 locked in his contract before its release, possibly provided by team members or other early partners.

After the public launch on May 16th, deposits on Origin Ether (OETH) quickly accumulated and by May 30th the TVL surpassed $13 million. This is his profit of about $12.6 million in 14 days.

According to the app’s official documentation, Origin Ether generates yields from Ether (ETH) by depositing into multiple liquidity staking and decentralized finance (DeFi) protocols. Specifically, it leverages Curve and Convex algorithmic market manipulation strategies to maximize revenue. Before being deposited into Curve and Convex, a portion of ETH will be converted into liquid staking derivatives such as Lido Staked Ether (stETH), Rocket Pool Ether (rETH) and Frax Staked Ether (sfrxETH). Protocol documentation states that this allows users to earn additional farming rewards from these providers.

Related: Celsius adds 428,000 stETH to Lido’s protracted withdrawal queue

The Ether Liquid Staking Protocol allows ETH holders to stake their coins on the provider’s network in exchange for tokens representing their deposits. Ethereum’s move to Proof of Stake Consensus and the ability to withdraw has made it more popular.

On May 1, DefiLlama reported that its liquid staking protocol surpassed decentralized exchange TVL to top the DeFi category. On May 30, his LayerZero cross-chain bridging protocol partnered with the Tenet network to increase the use of Liquid staking in the Cosmos ecosystem.