Kayen, a decentralized exchange (DEX) for the Chiliz network, saw its total value locked (TVL) figure surging to $10 million in only a few days. On July 11, the protocol had $40,000 in its pools. Since then, it has increased by over 25,000% to peak at $10.75 million on July 27, according to data from DefiLlama. Therefore, Kayen has been one of the fastest-growing DeFi apps in July.
The Kayen DEX is focused on sports fan tokens hosted by Chiliz, an independent blockchain that powers the sports NFT platform Socios.
Today, the three largest sports tokens by market cap are the fan tokens of football clubs Paris Saint Germain (PSG), Barcelona, and AS Roma.
The aggregate value of sports tokens peaked in April 2024, but the market has consolidated since then.
Fan tokens allow holders to vote on certain club events and proposals related to their favorite team and access unique experiences. For example, in 2020, shortly after the launch of the PSG fan token, PSG defender Marquinhos wore a captain’s armband featuring the message “Ici c’est Paris” (Here is Paris), as voted by token holders.
Through fan tokens, fans can interact with their favorite football clubs in a more direct way.
Today, they can exchange their tokens in a decentralized manner via Kayen, which doesn’t require know-your-customer verification and uses a Uniswap-like automated market maker (AMM) model for its pools. The largest pools are made of popular fan tokens, such as PSG, BAR, or ACM, traded against Chiliz’s native token, CHZ.
Thanks to Kayen’s rapid surge, Chiliz has entered the top 100 chains by TVL, currently ranking 89th on DefiLlama. It supports 5 DeFi apps in total, including two other DEXs, but Kayen accounts for 99% of the TVL.
The other DEXs, KEWL Exchange and ChilizSwap, have been losing TVL over the last month.
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The post Kayen DEX’s TVL Surges 25,000% in 2 Weeks to $10M appeared first on NFTgators .
