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Saturday, September 24, 2022

Vector Finance Total Value Locked Hits New High

For the past year, the fight to attract virtual currency liquidity has been a hot topic in the cryptocurrency world, particularly as defi users have discovered the high APY that can be gained on dollar-peg assets.

As Curve Finance is the uncontested champion in equity crypto liquidity pools, numerous newcomers have begun to rise through the ranks, notably Vector Finance, a system that allows Avalanche, network users, to produce higher returns on their cryptocurrency holdings. The increase in TVL is due to the platform’s integration of new Trader Joe pools, which provide a maximum yield of 69.6 percent for JOE/USDC liquidity providers’ deposits.

Vector Finance Has Been Performing Well

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Platypus Finance, VTX,  and JOE all have single staking options with returns of 12.8 percent, 144.9 percent, and 117 percent, respectively.

Vector is also focusing on building voting strength from inside Trader Joe and Platypus communities by giving 137.3 percent returns on xPTP-PTP accounts and 129.4 percent yields on zJOE-JOE deposits.

According to CoinGecko, the price of VTX has lately reversed its trend, rising 52 percent from a base of $0.39 around May 1 to the daily high of $0.60 on May 4. According to statistics from Defi Llama, the overall value locked just on the system hit a fresh record of $405.15 million on May 4, indicating greater inflows to Vector Finance. This is noteworthy since it occurred amid a period of widespread bitcoin market weakness. Vector finance has also introduced MIM, Frax Shares, and UST support, with returns varying from 7.3% to 15.1%.

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