Plasma’s Savings Vault Attracts Almost $3 Billion in 24 Hours
The stablechain’s flagship lending vault surpassed the total TVL of many blockchains in less than a day. Bitfinex-backed stablechain Plasma launched its mainnet yesterday, and the chain’s initial lending vault, powered by Aave and Veda, has surpassed $2.7 billion in deposits in less than 24 hours. The product is Plasma’s official “savings” vault, currently paying…
The stablechain’s flagship lending vault surpassed the total TVL of many blockchains in less than a day.
Bitfinex-backed stablechain Plasma launched its mainnet yesterday, and the chain’s initial lending vault, powered by Aave and Veda, has surpassed $2.7 billion in deposits in less than 24 hours.
The product is Plasma’s official “savings” vault, currently paying roughly 20% APY to users who deposit USDT to earn rewards from Plasma, Aave, and Veda. The vault pulled in $1.3 billion in deposits in the first hour and has since doubled to $2.7 billion.
In the future, Plasma will also introduce a basis-trade vault, where user deposits are utilized in delta-neutral strategies to earn variable yields from perpetual funding fees.
Alongside its mainnet release, Plasma launched its XPL token yesterday, which is currently changing hands at $1.25, or roughly a $12.5 billion fully diluted valuation.
Investors flocked to the network soon after its launch, driving Plasma’s total value locked (TVL) to $3.4 billion yesterday and making it the seventh-largest chain in DeFi.
Aave founder Stani Kulechov has been supportive of Plasma’s DeFi efforts and posted on X about the integration earlier today, saying, “Plasma is a prime example of how Aave works as a flywheel for liquidity.”
Aave’s Plasma deployment has already surpassed $3 billion in supplied assets.