Liquidity market protocol BENQI has reached $1 billion in total value locked, or TVL, less than a week after launching on the Avalanche (AVAX) network, a major milestone that highlights the explosive growth of DeFi lending services.
Benqi Finance announced the milestone on Twitter late Sunday, where it thanked its community for the overwhelming support.
— BENQI (@BenqiFinance) August 23, 2021
The protocol generated $200 million in TVL in the first 24 hours and $500 million in the first two days, as per the update from Aug. 21.
In DeFi, total value locked refers to the assets that are currently being staked on a specific protocol. The figure doesn’t represent outstanding loans, but the total supply that is being secured by a specific application.
Industry-wide TVL data shows a massive upsurge in DeFi activity.