SpaceFi Cross-Chain DeFi Platform Surpasses $10 Million in TVL

04/11/2023 08:04 • Daily Digest • 64 views

On April 11th, according to official news, SpaceFi, a cross chain DeFi platform based on Evmos and zkSync, announced that its TVL had exceeded $10 million.

Cross chain DeFi platform SpaceFi TVL breaks through $10 million

The decentralized finance (DeFi) space is growing at an unprecedented rate, and there is a constant introduction of innovative platforms and projects. SpaceFi is one such platform that is gaining popularity due to its cross-chain capabilities and its unique features based on the Evmos and zkSync infrastructure. Recently, SpaceFi announced that its total value locked (TVL) is now over $10 million, eliciting excitement from the DeFi community. In this article, we’ll dive into what SpaceFi is, its features, and how it managed to achieve this milestone.

Introduction to SpaceFi

SpaceFi is a decentralized finance platform that operates on the Evmos and zkSync infrastructure. Evmos is a high-performance blockchain built on Cosmos, while zkSync is a Layer 2 scaling solution for Ethereum. SpaceFi leverages these blockchains’ strengths to create a platform that can facilitate cross-chain transactions, making it an ideal platform for those seeking to seamlessly interact with multiple chains.
The platform’s native token is SFC, and it serves various purposes, such as providing incentives for liquidity providers, staking rewards, and governance rights. SFC is available for trading on Uniswap, where it can be paired with Ethereum and other tokens.

SpaceFi’s Unique Features

One of the platform’s most outstanding features is its cross-chain capability, which is facilitated by its integration with Evmos and zkSync. This capability ensures that users can interact with multiple chains without the need for complex bridging mechanisms. Additionally, SpaceFi is one of the few DeFi platforms that offer collateral insurance, which protects users’ collateral from sudden price drops. This protection is made possible by the platform’s partnership with Nexus Mutual, which is a decentralized insurance solution.
Another unique feature of SpaceFi is its integration with Chainlink, a renowned decentralized oracle network. This integration ensures that SpaceFi’s smart contracts can fetch reliable and accurate data from external sources, enhancing trust and reliability.

How SpaceFi Achieved $10 Million TVL

The TVL metric is used in the DeFi space to measure the value of assets locked within a particular platform. For SpaceFi, achieving a $10 million TVL is a significant milestone that signifies the platform’s growing popularity and adoption. So, how did SpaceFi achieve this impressive feat?
One of the factors that contributed to SpaceFi’s rise is its unique features, such as cross-chain capability and collateral insurance. These unique features attracted users seeking to participate in DeFi while minimizing risks. Additionally, the platform launched lucrative farming programs that provided users with high yields in rewards and governance rights.
Furthermore, SpaceFi was recently audited by CertiK, a leading blockchain security firm. The audit report attested to the platform’s security and the integrity of its smart contract codes, which increased users’ confidence in the platform.

Conclusion

SpaceFi’s recent achievement of a $10 million TVL is a testament to its unique features and growing popularity in the DeFi space. Its cross-chain capability, collateral insurance, and partnership with Chainlink and Nexus Mutual make it an innovative platform that is ideal for anyone seeking to participate in DeFi. With more people discovering the platform’s benefits, it wouldn’t be a surprise to see SpaceFi achieve even greater milestones in the future.

FAQs

1. What Is TVL?

TVL stands for Total Value Locked, and it is a metric used to measure the amount of assets locked within a particular DeFi platform.

2. What Is Collateral Insurance?

Collateral insurance is a mechanism that protects users’ collateral from sudden price drops. It is a unique feature that is not available on many DeFi platforms.

3. Can I Buy SFC on Other Exchanges Besides Uniswap?

Currently, SFC is only available for trading on Uniswap. However, the team plans to expand its listing to other exchanges in the near future.

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