The Sei-based cash market is incentivizing lenders with SEI, USDT and USDC rewards that kicked off on June 24.
Yei Finance, a DeFi cash market on the Sei community, has greater than doubled its whole worth locked (TVL) since launching a rewards program on June 24.
Whole deposits have crossed $160 million, with $127 million in excellent loans. The incentives make it worthwhile to loop deposits – repeatedly provide and deposit the identical asset – and seize the unfold between lending and borrowing charges.
Yei Finance is a fork of Aave V3, the biggest lending protocol with over $10 billion in TVL, and dominates the DeFi sector on Sei with roughly half of its $67 million TVL. That doesn’t embrace borrowings, because it’s seemingly that almost all of latest customers are looping deposits to maximise rewards, resulting in inflated figures.
USDT is the preferred asset on the platform, representing nearly all of latest development, in keeping with a Flipside dashboard.
Sei launched its Ethereum-compatible V2 iteration on Could 27. Touted as the primary parallelized EVM, the community is in its mainnet alpha part and presently processes round 20,000 transactions per day.
DragonSwap, a decentralized change based mostly on Uniswap V2, is the second-largest app on the community with $14 million in TVL. NFT market OpenSea added assist for Sei on Could 29.