TVL on Kraken’s L2 Ink Surges 3,800% in Less Than Two Weeks
Ink, a Layer 2 (L2) blockchain launched by U.S. crypto trade Kraken in December 2024, noticed its complete worth locked (TVL) surge by practically 3,800% in lower than two weeks, climbing from $6.42 million on Oct. 15 to just about $249 million as of press time.
Ink TVL. Supply: DefiLlama
Nevertheless, information from DefiLlama exhibits that out of 30 protocols deployed on Ink, greater than 97% of this sharp enhance got here from a single product, Tydro, a non-custodial lending protocol constructed by the Ink Basis, as a white label occasion of open-source DeFi large Aave.
The Ink Basis introduced the launch of Tydro on Oct. 15, calling the protocol Ink’s “native liquidity layer,” and revealing that it could even be instantly built-in into Kraken.
The info additional means that the spike in TVL adopted shortly after Tydro’s launch and was amplified by a nine-figure stablecoin mint from USDT0, a cross-chain model of USDT.
Markets on Tydro. Supply: Tydro
As of press time, Tydro’s complete market dimension of deployed property exceeds $350 million, together with $108 million in borrowed property and $243.55 million in provide.
The best provide APY on the protocol, at the moment 1.84%, isn’t supplied on USDT0 however on USDG, a stablecoin issued by regulated fintech Paxos and backed by a consortium together with Kraken, Robinhood, Anchorage Digital, Bullish, and Galaxy Digital.
Ink protocols by weekly income. Supply: DefiLlama
Because of this, Tydro, which at the moment helps solely 5 markets — ETH, USDT0, USDG, KBTC and GHO — grew to become the second-largest protocol on Ink by way of weekly income, producing $3,179 since launch, subsequent solely to Velodrome, a decentralized cryptocurrency trade, which boasts over $21,000 in weekly income.
Each day lively customers on Ink. Supply: Token Terminal
Regardless of the parabolic TVL enlargement, community exercise on Ink, which is constructed on Optimism’s Superchain, has been trending downward. The variety of every day lively addresses has declined steadily from its March 24 peak of 127,100 customers to round 60,300 for the previous week, a drop of greater than 50%, in line with information from Token Terminal. The autumn throughout person exercise additionally remodeled into falling community income, which has dropped to below $500 in every day charges lately, with a complete income of $11,600 prior to now month.
