The stablechain’s flagship lending vault surpassed the total TVL of many blockchains in less than a day.
Bitfinex-backed stablechain Plasma launched its mainnet yesterday, and the chain’s initial lending vault, powered by Aave and Veda, has surpassed $2.7 billion in deposits in less than 24 hours.
The product is Plasma’s official “savings” vault, currently paying roughly 20% APY to users who deposit USDT to earn rewards from Plasma, Aave, and Veda. The vault pulled in $1.3 billion in deposits in the first hour and has since doubled to $2.7 billion.
In the future, Plasma will also introduce a basis-trade vault, where user deposits are utilized in delta-neutral strategies to earn variable yields from perpetual funding fees.
Alongside its mainnet release, Plasma launched its XPL token yesterday, which is currently changing hands at $1.25, or roughly a $12.5 billion fully diluted valuation.
Investors flocked to the network soon after its launch, driving Plasma’s total value locked (TVL) to $3.4 billion yesterday and making it the seventh-largest chain in DeFi.
Aave founder Stani Kulechov has been supportive of Plasma’s DeFi efforts and posted on X about the integration earlier today, saying, “Plasma is a prime example of how Aave works as a flywheel for liquidity.”
Aave’s Plasma deployment has already surpassed $3 billion in supplied assets.
