Ink, a Layer 2 (L2) blockchain launched by US cryptocurrency change Kraken in December 2024, has seen its complete worth locked (TVL) soar by almost 3,800% in lower than two weeks, rising from $6.42 million on October 15 to just about $249 million on the time of writing.
TVL ink. Supply: Defilama
However of the 30 protocols deployed on Ink, greater than 97% of this exponential development was as a result of a single product, Tydro, a non-custodial lending protocol constructed by the Ink Basis as a white-label occasion of open supply DeFi big Aave, in accordance with knowledge from DefiLlama.
The Ink Basis introduced the launch of Tydro on October fifteenth, calling the protocol Ink’s “native liquidity layer” and revealing that it’ll even be straight built-in into Kraken.
The information additional means that the surge in TVL continued instantly after Tydro’s launch, amplified by the nine-digit stablecoin mint by USDT0, a cross-chain model of USDT.
Tidro market. Supply: Tydro
On the time of writing, Tydro’s complete market dimension for deployed property exceeds $350 million, with $108 million in borrowed property and $243.55 million in provided property.
At present, the best provide APY (1.84%) on the protocol is just not provided in USDT0, however in USDG, a stablecoin issued by regulated fintech Paxos and backed by a consortium together with Kraken, Robinhood, Anchorage Digital, Bullish, and Galaxy Digital.
Ink protocol by weekly earnings. Supply: Defilama
In consequence, Tydro, which presently helps solely 5 markets: ETH, USDT0, USDG, KBTC, and GHO, has turn into the second largest protocol on Ink by way of weekly income, incomes $3,179 since launch, trailing solely decentralized crypto change Velodrome, which boasts over $21,000 in weekly income.
Day by day lively customers of Ink. Supply: Token Terminal
Regardless of TVL’s parabolic growth, community exercise on Ink, which is constructed on Optimism’s superchain, is on the decline. The variety of every day lively addresses has steadily declined over the previous week from a peak of 127,100 customers on March 24 to about 60,300 customers, a drop of greater than 50%, in accordance with Token Terminal knowledge. The decline in person exercise has additionally led to a decline in community income, with every day charges lately dropping to lower than $500 and complete income final month being $11,600.
