DeFi protocol BENQI hits $1B TVL days after launching

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.

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.

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