Jeff Garzik’s DeFi protocol Vesper Finance tops $1B TVL in six weeks

Jeff Garzik’s DeFi protocol Vesper Finance tops $1B TVL in six weeks

Vesper Finance, a recently launched DeFI yield suite co-founded by former Bitcoin core developer Jeff Garzik, has surpassed a TVL of $1 billion within six weeks of launching on mainnet.

Garzik, also an executive of blockchain technology firm Bloq Inc, tweeted the news on March 23 while also revealing the team had open-sourced its smart contracts. Vesper’s CEO also noted the protocol’s open source transferable NFT container can be used to package, transfer and auction any amount of non-fungible tokens and ERC-20s.

Our top trading bots

The protocol has seen spectacular growth since amassing $25 million during its Beta, which ran from Dec. 22 until Feb. 17. By March 9, Vesper’s total value locked had ballooned to $500 million, before doubling over the past fortnight.

According to decentralized finance analytics provider DeFi Llama, Vesper currently ranks as the 15th-largest protocol with a TVL of $1.09 billion — sitting above Badger DAO and behind Autofarm.

The platform currently offers five single-asset pools, offering yields to investors who deposit DAI, USDC, ETH, WBTC, or Vesper’s native token, VSP. Rewards are also offered to depositors in the form of VSP for most assets.

The WBTC vault is currently the most popular pool with nearly $420 million locked, followed by ETH with $382 million, USDC with roughly $222 million, and VSP with $72 million. Only $259,074 has been deposited into the DAI pool.

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

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

Continue reading about Cointelegraph
Yield Guild Games Hits 20K Axie Infinity P2E Scholarship Milestone
The popular gaming guild YGG has reached a milestone in terms of new scholars for the Axie Infinity platform and various other play-to-earn games.Yield...
Crypto hodlers may not get richer from mainstream adoption — Goldman Sachs
Bitcoin (BTC) and cryptocurrency adoption may not necessarily make its price higher in dollar terms, Goldman Sachs argues.In a note seen by Bloomberg published...
SEC rejects Skybridge's application for spot Bitcoin ETF
The United States Securities and Exchange Commission, or SEC, has officially disapproved the application for First Trust SkyBridge’s spot Bitcoin exchange-traded...
Here's why Ethereum traders could care less about ETH's current weakness
Since hitting an all-time high at $4,870 on Nov. 10, Ether (ETH) price has been posting lower lows over the past 50 days. If this downtrend continues, the...
Two MAS-regulated Bitcoin funds launch in Singapore
Singapore-based fund manager Fintonia Group has launched two institutional-grade Bitcoin (BTC) funds approved by the Monetary Authority of Singapore (MAS).The...
Metaverse and blockchain gaming altcoins rally while Bitcoin looks for support
Bitcoin’s (BTC) recent foray back below $56,000 sparked a wide-ranging sell-off across the cryptocurrency ecosystem and talks of the price hitting $100,000...
Nifty News: FTX and Wildcats' basketball NFTs, WeMeta’s $1.1M funding, Zed Run’s Netflix tie-in
FTX's latest sports sponsorshipThe University of Kentucky has entered into a sponsorship agreement with FTX.US for the men’s Wildcats basketball team to...
SEC approves Volt Equity ETF providing exposure to Bitcoin-centric companies
The United States Securities and Exchange Commission, or SEC, has approved the Volt Crypto Industry Revolution and Tech ETF, providing investors with easy...
Price analysis 9/6: BTC, ETH, ADA, BNB, XRP, SOL, DOGE, DOT, UNI, LINK
Bitcoin’s (BTC) market capitalization is nearing the $1 trillion mark and several altcoins have also been rallying hard in the past few days. This has driven...
Algorithmic stablecoins show promise of reducing volatility — ShapeShift
Promising innovations in DeFi have given rise to a new breed of stablecoins that have the potential to reduce volatility and promote greater decentralization,...
Elon Musk loses $20B since SNL, as Michael Saylor comes out firing
Elon Musk has reportedly lost $20 billion since his May 8 appearance on Saturday Night live, as the news of Tesla halting BTC payments for cars continues...
Long-term investors continue to hodl despite $1T Bitcoin market cap
Bitcoin’s liquid supply continues to shrink, with only 36% of circulating BTC being moved on-chain in the past six months.According to data shared by on-chain...
Blockchain Technology To Be Tested In Porsche Panamera
German automaker Porsche in cooperation with the Berlin start-up XAIN has begun testing the technology of blockchain in Porsche Panamera cars. The technology...
Bank of England Governor Says Bitcoin Failed as “Currency,” But There’s Hope for Blockchain
The head of the prime bank of the United Kingdom – Bank of England – latterly claimed that BTC has gone wrong both as currency and as a reserve of cost....
Are There Any Cryptocurrencies Except for Bitcoin to Invest Money
Cryptocurrencies become very popular discussion topic around the world. Many people are interested in the rapid growth rate of digital money. This development...