The 100 percent growth since the beginning of August has brought Flare TVL to a record $16.3 million.
The Flare blockchain's presence in decentralized finance (DeFi) is growing. Last week, the total value of the #blockchain (TVL) on the network surpassed the $15 million mark, and according to DefiLlama, at the time of writing, TVL has reached a record $16.3 million, up 100 percent since the beginning of August.
Flare is a Tier 1 blockchain with a focus on interoperability. It is compatible with the Ethereum Virtual Machine (EVM) and enables smart contracts on Ripple (XRP), the fifth-largest blockchain by market capitalization.
Flare's presence on #DeFi became visible in late 2023. To date, it hosts seven dapps with a TVL of over $1 million.
The largest dapp is Clearpool, a lending platform targeting institutional investors; TVL is over $16 million, but DefiLlama does not account for this to avoid double counting Clearpool supports nine chains and 85% TVL Flare accounts for over
The second largest dapper is Sceptre Liquid, a liquid stacking protocol for Flare's native coin, #FLR . Its $13 million deposit is also unaccounted for by DefiLlama.
The biggest contributor to DeFi Flare's expansion over the past month has been its native credit doubler, Kinetic. In a single month, the platform's TVL went from zero to over $6 million.
The most deposited #token on Kinetic is SFLR, a token representing FLR coins hosted through Sceptre.
The other major contributors include two fast-growing decentralized exchanges (DEXs): SparkDEX and BlazeSwap.
Over the past month, SparkDEX's TVL has grown by more than 150%, reaching a record $3.26 million on September 12; DEX launched its V3 version in late July and accounts for 99% of TVL. The most deposited tokens are SFLR, WFLR, JOULE, USDC. E and USDT. JOULE is Kinetic's native token.
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