Investment

Jeff Garzik’s DeFi protocol, Vesper Finance, surpassed 1 TVL $ in six weeks

Vesper Finance, a recently launched DeFI revenue suite co-founded by a former bitcoin developer Jeff Garzik, has exceeded TVL by $ 1 billion in six weeks since launching on the mainnet.

Garzik, who is also the CEO of blockchain technology company Bloq Inc., tweeted the news on March 23 and revealed that the team had opened its smart contracts. Vesper CEO also noted that the open source portable NFT protocol container can be used to pack, transfer and auction any quantity unmistakable tokens and ERC-20.

The protocol has seen spectacular growth since amassing $ 25 million during its beta, which ran from December 22 to February 17. By March 9, Vesper’s total locked value had risen to $ 500 million before doubling in the past fortnight.

According to the provider of decentralized financial analysis DeFi Lama“Vesper is currently ranked in the 15th largest protocol with a TVL of $ 1.09 billion – sitting higher Badger DAO and behind Autofarm.

The platform currently offers five single-asset funds and offers returns to investors who deposit DAI, USDC, ETH, WBTC or a native Vesper token, VSP. For most assets, depositors are also offered rewards in the form of GTC.

The WBTC vault is currently the most popular lockout fund with nearly $ 420 million, followed by ETH with $ 382 million, USDC with approximately $ 222 million and VSP with $ 72 million. Only $ 259,074 was invested in the DAI fund.

All of Vesper’s current funds are described as “conservative” at the risk level, with the team saying that funds offering higher risk profiles will be launched in the future.

Vesper Finance was also co-founded by billionaire investor and co-founder Bloq, Inc. Matthew Roszak and DeFi Bloq, Inc. CEO Jordan Kruger.


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