Buzz Farming, a decentralized finance (DeFi) yield farming protocol, has surged over $50 million in just a few days. The dapp, which launched in mid-July, saw its total value locked (TVL) figure surge from less than $2 million at the end of July to a record $58 million as of this writing.

Buzz is the fastest-growing DeFi protocol in August, surging by over 3,000% during the past week.

The protocol enables users to deposit Bitcoin and implement passive income strategies. It collaborates with projects like Babylon, Unirouter, Lombard, and Bedrock to allow users to select yield farming strategies.

Buzz Farming is the native yield farming hub for BSquared, a layer 2 network for Bitcoin that offers smart contracts and DeFi solutions on the oldest and one of the most rigid blockchains. Buzz is the largest dapp on BSquared, helping it to boost its TVL to a record $119.1 million in August, according to data from DefiLlama.

Buzz has contributed to an increase in TVL as the broader DeFi ecosystem is struggling with massive losses, declining by 20% since the end of July. In fact, the layer 2 network is the only chain among the top 50 that has registered a TVL increase over the last week.

So far, last Monday was the best day for Buzz, with BTC inflows exceeding $26 million.

The protocol attracts users by offering Bitcoin yield opportunities from multiple sources. Users don’t have to lock the funds for long-term periods, being able to withdraw any time they want.

Buzz claims to have over 480,000 users, which is an impressive achievement for a new project.

Another thriving DeFi project on BSquared is Pell Network, an EigenLayer-like restaking protocol but for the Bitcoin ecosystem. Pell’s TVL crossed the $200 million mark at the end of July before correcting to the current level of $174 million.

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The post Buzz, a Bitcoin Yield Farming Dapp for BTC, Surges 3,000% in a Week appeared first on NFTgators .