There is a new cropping app called Origin Ether accumulated More than $12 million in Total Value Locked (TVL) just 14 days after launch, according to data from blockchain analytics platform DefiLlama. TVL is a metric that measures the dollar value of assets within an application’s smart contracts.
The app launched on May 16, according to a representative from the development team. DefiLlama data shows that the app already had $793,000 locked inside its pre-launch contracts, which may have been provided by other team members or early partners.
Once the public launch took place on May 16, deposits in Origin Ether (OETH) quickly built up, increasing TVL by more than $13 million by May 30. That’s a gain of about $12.6 million over the course of 14 days.
According to the app’s official documentation, Origin Ether generates a return of Ether (ETH) by depositing it into several Liquid Staking and Decentralized Finance (DeFi) protocols. Specifically, it uses algorithmic market operations strategy on Curve and Convex to maximize returns. Before being deposited to Curve and Convex, some ETH is converted into liquid staking derivatives, including Lido Staked Ether (stETH), Rocket Pool Ether (rETH), and Frax Staked Ether (sfrxETH). The protocol documentation states that this allows users to obtain additional farming rewards from these providers.
Related: Celsius adds over 428K stETH to the lengthy Lido withdrawal queue
Ether liquid storage protocols allow ETH holders to share their coins with a network of providers in exchange for the tokens that represent those deposits. They are becoming more popular with Ethereum moving to the Proof of Stake consensus and enabling withdrawals.
On May 1, DefiLlama reported that Liquid Staking Protocols became a top DeFi class, overtaking decentralized exchanges TVL. On May 30, the LayerZero cross-chain bridge protocol partnered with the Tenet network to increase the use of liquid storage in the Cosmos ecosystem.