DeFi
Yei Finance pushes Sei Network TVL above $60 million
The Sei-based money market incentivizes lenders with SEI, USDT, and USDC rewards that began on June 24.
Yei Finance, a DeFi money market on the Sei network, has more than doubled its total value locked (TVL) since launching a rewards program on June 24.
Total deposits topped $160 million, with $127 million in outstanding loans. The incentives make it profitable to loop deposits – repeatedly supplying and depositing the same asset – and capture the spread between borrowing rates and borrowing rates.
Active Markets on Yei Finance
Yei Finance is a fork of Aave V3, the largest lending protocol with over $10 billion in TVL, and dominates the DeFi sector on Sei with around half of its $67 million in TVL. This does not include borrowing, as it is likely that the majority of new users make deposits to maximize rewards, leading to inflated numbers.
USDT is the most popular asset on the platform, accounting for the majority of recent growth, according to a report from Flipside dashboard.
Sei launched its Ethereum-compatible V2 iteration on May 27. Touted as the first Parallelized EVMThe network is in its mainnet alpha phase and currently processes around 20,000 transactions per day.
DragonSwap, a decentralized exchange based on Uniswap V2, is the second-largest application on the network with $14 million in TVL. NFT marketplace OpenSea added support for Sei on May 29.