Vesu, a decentralized lending protocol on Starknet, saw its total value locked (TVL) reach the $10 million milestone on Thursday, September 19. At the time of writing, the platform has $10.8 million in TVL, according to DefiLlama data.
Vesu launched in mid-July and has quickly become the fourth-largest DeFi app on Starknet. It has gained over 90% in the past month alone, making it the best performer among Starknetâs top 10 dapps.
The protocolâs largest markets are Ethereum (ETH), Starknet (STRK), and USDC. Ethereum accounts for over two-thirds of total deposits. STRK comes next with 25%, and USDC holds a 5% share.
Vesu saw record daily inflows on August 30, when nearly $2 million worth of tokens were deposited on the platform.
Ethereum and Starknet lenders target an annual percentage yield (APY) of 9%, while USDC holders should expect annual returns of over 11%.
USDC is the most borrowed token, accounting for over 80% of total borrows with $2.3 million. The amount of borrowed funds is at a record $2.75 million.
Vesuâs TVL increase has helped Starknet extend its recovery. The total value of tokens deposited on Starknet-based DeFi apps is $256 million, the highest in over a month.
Starknet is an Ethereum layer 2 scaling solution that uses zero-knowledge (zk) rollups to process Ethereum transactions outside the mainnet. The networkâs activity in DeFi exploded in February-March 2024 when transaction fees on most layer 2 networks dropped by 99% following the Dencun upgrade.
Starknetâs TVL reached a record high of $335 million on April 9. Despite the subsequent correction, the metric has never dropped below the $200 million mark since then.
The largest dapp on Starknet is Nostra, which is the main liquidity hub on the layer 2, although its TVL is not included by DefiLlama.
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The post Starknet Lending Protocol Vesu Reaches $10M TVL Milestone appeared first on NFTgators .
