Avalon Labs, a decentralized finance (DeFi) lending platform that recently rebranded from Avalon Finance, has been steadily gaining traction since its April launch. The platformā€™s total value locked (TVL) reached a record high of $442.5 million on September 14 after gaining approximately $100 million in the span of ten days.

Thanks to its strong growth, Avalon has recently entered the top 50 largest DeFi apps by TVL, following platforms like Stargate and GMX.

Recently, the Bitcoin-oriented lending platform was rebranded to reflect its recent launch of Avalon CeDeFi and the integration of a native lending stablecoin, which will be unveiled soon.

In mid-August, Avalon launched the first-ever CeDeFi lending platform, which combines the compliance of traditional finance with the speed and efficiency of blockchain. The Bitcoin-focused CeDeFi platform offers a fixed rate of 8% and flexible repayment options.

Avalon CeDeFi has a total supply of $82 million, all of which is deposited in the FBTC/USDT pool. FBTC is an omnichain asset backed by Bitcoin and issued by Ignition. Avalon plans to add BTC/USDC and BTC/USDT pools soon. So far, over $40 million worth of crypto has been borrowed from the FBTC/USDT pool.

Meanwhile, the Avalon Finance app remains the flagship product of Avalon, supporting eight chains, including Bitlayer, BNB Smart Chain (BSC), Ethereum, Arbitrum, Merlin, Core, Scroll, and Mantle. Bitlayer has the largest share, with over $160 million out of a total of $356 million in TVL.

In fact, Avalon Finance is the largest DeFi app on Bitlayer by TVL and the seventh-largest on BSC.

Tokens with the largest deposits in USD terms include WBTC, SOLVBTC, SOLVBTC.BBN, and SOLVBTC.ENA. Collectively, they account for about 90% of the total TVL, while the remaining balance is spread across more than a dozen other tokens.

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The post Avalon Reaches Record $442M in TVL After Launching First Ever CeDeFi Lending App appeared first on NFTgators .