Velodrome Emerges as a Rising Star in DeFi with Impressive TVL Growth
It is reported that Velodrome, the transaction and liquidity market based on Optimism, tweeted that its TVL has exceeded US $230 million, becoming the ninth la…
It is reported that Velodrome, the transaction and liquidity market based on Optimism, tweeted that its TVL has exceeded US $230 million, becoming the ninth largest DEX in the DeFi field. Its TVL increased by 19.32% on the 7th day, 118.13% on the 30th day and 242.72% on the 90th day.
Optimism Ecological DEX Velodrome TVL exceeds US $230 million
Interpretation of the news:
Velodrome, a transaction and liquidity market operating on the Optimism network, has become the ninth biggest decentralized exchange (DEX) in the DeFi ecosystem, with its total value locked (TVL) surpassing $230 million. This achievement is a testament to the growing popularity of Velodrome among DeFi users who are looking for seamless, low cost and efficient transactions. Velodrome has also reported substantial growth in its TVL figures, indicating that the platform is a rising star in the DeFi space.
The reported growth figures of Velodrome are quite impressive. In just seven days, the platform’s TVL increased by 19.32%, while it rose by 118.13% in thirty days, and soared by 242.72% in ninety days. These growth rates indicate that Velodrome is performing exceptionally well, with more and more DeFi users flocking to the platform to transact with ease and increase their liquidity.
Velodrome’s growth is especially noteworthy because the platform is built on the Optimism network. Optimism was launched earlier this year to tackle some of the scalability issues faced by Ethereum. The network uses a layer-2 solution known as Optimistic Rollups, which enables it to handle more transactions per second (TPS) than the native Ethereum network. Velodrome’s success on the Optimism network is a testament to the platform’s efficiency in addressing the scalability issues faced by Ethereum while remaining cost-effective.
As the ninth largest DEX in the DeFi field, Velodrome has a long way to go to catch up to larger platforms such as Uniswap, SushiSwap, and Curve. However, its remarkable TVL growth in such a short time has positioned Velodrome as a strong contender in the DeFi space. It is essential to note that the DeFi market is highly competitive, and a platform’s success is often measured by its ability to remain relevant and maintain growth over time.
In conclusion, Velodrome’s remarkable TVL growth over the past few months has put the platform on the map as a rising star in the DeFi space. As more DeFi users seek low-cost, efficient transactions, Velodrome’s success on the Optimism network will likely translate into sustained growth over time. By leveraging the scalability solutions offered by Optimism, Velodrome has an opportunity to establish itself as a top player in the DeFi market.
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