Kai Finance, a leveraged yield platform on the Sui blockchain, has experienced a significant increase in its total value locked (TVL), rising over 2,200% in the past month to reach $12.7 million as of November 25, according to DefiLlama data. Starting with $1 million in TVL at the beginning of November, Kai has emerged as a top performer in the DeFi sector, particularly on the Sui blockchain.
The platform offers investors opportunities to earn passive income through Single Asset Vaults or Leveraged LP Vaults, utilizing strategies across DeFi applications on Sui. The most deposited tokens include SUI, USDT, USDC, and Wrapped USDC, with SUI's share increasing from $120,000 to over $4.8 million. USDT deposits have grown from $700,000 to nearly $4.4 million, while USDC has surged from zero to over $3 million.
Kai recorded its highest daily inflows on November 22, with over $2.2 million deposited. USDT leads with a high annual percentage yield (APY) of nearly 20%, attracting investors seeking higher returns than traditional banks. USDC offers an APY of nearly 14%.
In addition to single token vaults, Kai provides LP vaults with up to 10x leverage, offering returns exceeding 300%. The SUI-USDC pool, for instance, has an APR between 122% and 312%, despite having only about $1,300 in TVL. The USDT-USDC LP vault is the largest, with over $5 million in TVL, offering up to 97% annual returns with maximum leverage, appealing to investors due to the stability of USDT and USDC.