Kayen, a decentralized exchange (DEX) for the Chiliz network, has experienced a remarkable surge in its total value locked (TVL), reaching $10 million within a few days. According to DefiLlama, the protocol's TVL increased from $40,000 on July 11 to $10.75 million by July 27, marking a growth of over 25,000%. This makes Kayen one of the fastest-growing DeFi applications in July.

Kayen focuses on sports fan tokens hosted by Chiliz, an independent blockchain powering the sports NFT platform Socios. The largest pools on Kayen consist of popular fan tokens like PSG, BAR, and ACM, traded against Chiliz’s native token, CHZ.

Chiliz has now entered the top 100 chains by TVL, ranking 89th, with Kayen accounting for 99% of its TVL.