KLend, a decentralized lending protocol, has experienced a significant increase in its total value locked (TVL), reaching $9.5 million, according to DefiLlama. This marks a ninefold surge from mid-October's $1 million. The protocol, active since 2021, surpassed its previous record of $2.4 million set in December 2021.

KLend, forked from Compound v2, operates on OKTChain and BNB Smart Chain (BSC). While OKTChain's TVL remains stable, BSC deposits have skyrocketed to nearly $9 million, driven by Binance Peg Bitcoin Cash (BCH), which constitutes 92% of deposits.

The remarkable APY of 3,900% for BCH lending is likely attracting investors, despite uncertainties about payout.