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Solidly TVL shoots up nearly $2 billion in 24 hours

Updated: Jul 25, 2024
Published: Feb 28, 2022
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Total value locked (TVL) is the substantial amount of crypto assets that have been deposited in a Decentralized Finance (DeFi) project. It is to be noted that the TVL value for Solidly, a smart contract protocol in the alpha stage of the launch, has shot up by more than 7568% in the last seven days at the time of writing. 

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Solidly TVL at $2.18 billion

At the time of writing, the TVL of Solidly is around $2.18 billion, as shown by the data from DefiLlama. "Solidly allows low cost, near 0 slippage trades on uncorrelated or tightly correlated assets. The protocol incentivizes fees instead of liquidity. Liquidity providers (LPs) are given incentives in the form of token," states the project's description on the website. 

Due to the factors mentioned above, the Fantom-based DeFi protocol has seen a huge surge in acceptance and performance in recent days. The Automated Market Maker or AMM is similar to Uniswap in a number of ways and was launched on Feb 15. A major part of the platform is Solidex, a decentralized exchange. 

It is also important to note that the development of Solidly happened under the leadership of YFI creator Andre Cronje and Wonderland developer Daniele Sestagalli. 

Different from the rest?

One of the most attractive features of the DeFi platform is its native token called SOLID. Unlike most DeFi projects which offer users rewards and governance powers, the SOLID token is only tradable without any revenue or power. Users lock in their SOLID tokens in the Solidly platform to generate veSOLID, a token that is note tradable where holders will receive a share of protocol revenue.

Moreover, it is also important to note that the duration of lock-up can last as much as four years which is quite high, another aspect that shows that Solidly aims to dominate the market in the coming days. Moreover recently, DeFi Alliance, a start-up accelerator raised $50 million.

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