BENQI Reaches $1 Billion TVL BENQI's liquidity market proto | DeFI News & Alerts

BENQI Reaches $1 Billion TVL

BENQI's liquidity market protocol reached $1 billion TVL, less than a week after launching on the Avalanche Network (AVAX), a milestone that highlights the explosive growth of decentralized finance services (DeFi).

Benqi Finance announced the event on Twitter late Sunday night, where it thanked its community for its overwhelming support. The protocol brought in $200 million TVL in the first 24 hours and $500 million in the first two days, according to an August 21 update. At DeFi, the total locked-in value refers to the assets that are currently being put on a particular protocol. This figure does not represent outstanding loans, but the total supply that is secured by a particular application.

Industry-wide TVL data shows a massive surge in DeFi activity. As of this writing, nearly $160 billion in TVL has been reported across the entire DeFi ecosystem.