$12M TVL accumulated by yield farming app in 2 weeks after launch

A new app for yield farming called Origin Ether has amassed more than $12 million in total value locked (TVL) just 14 days after its launch. This information is according to data from DefiLlama, a blockchain analytics platform. TVL is a measure of the dollar value of the assets within an app’s smart contracts.

The app was launched on May 16, according to a representative from the development team. DefiLlama data shows that the app had $793,000 locked inside its contracts before the launch, which may have been supplied by team members or other early partners.

Following the public launch on May 16, deposits to Origin Ether (OETH) quickly accumulated, leading to a TVL of over $13 million by May 30. This represents a gain of approximately $12.6 million in just 14 days.

According to the app’s official documentation, Origin Ether generates yield from Ether (ETH) by depositing it into multiple liquid staking and decentralized finance (DeFi) protocols. Specifically, it uses 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). The protocol’s documentation states that this allows users to gain additional farming rewards from these providers.

Related: Celsius adds over 428K stETH to Lido’s lengthening withdrawal queue

Ether liquid staking protocols enable ETH holders to stake their coins with a network of providers in exchange for tokens that represent those deposits. These protocols have become more 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, LayerZero, a cross-chain bridging protocol, partnered with the Tenet network to increase the use of liquid staking in the Cosmos ecosystem.

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