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
Mark Cuban's Dallas Mavericks offer cashback rewards on Dogecoin purchases
Dallas Mavericks, Mark Cuban’s NBA franchise, started a cashback rewards program to incentivize merchandise and ticket payments in Dogecoin (DOGE). The...
Vitalik: ‘More confident about the merge’ following ETH’s successful London upgrade
Ethereum co-founder Vitalik Buterin has hailed the London hard fork a success adding that it has given him more confidence over the upcoming merge to the...
$7B investment firm recommends crypto to beat currency debasement
Contrarian investment firm, Horizon Kinetics, is advising investors to seek exposure to crypto assets amid mounting global economic challenges.Speaking...
Amazon seeks new exec to oversee digital currency strategy
Tech giant Amazon is looking to dive into digital currency and blockchain development with a new major hire within its payments-focused team.Amazon’s payments...
Bitcoin electricity consumption falls to November 2020 levels: Data
Bitcoin’s total estimated annual electricity consumption has plummeted nearly 60%, falling from the all-time peak above 143 terawatt-hours (TWh) in May...
US state dept urges El Salvador to be 'responsible' about Bitcoin adoption
The U.S. Department of State’s Under Secretary of State for Political Affairs Victoria Nuland said El Salvador should ensure Bitcoin is well regulated under...
Here's why pro traders expect further downside from Ethereum price
Derivatives data shows that Ether (ETH) traders are feeling less bullish when compared to Bitcoin (BTC). Even though the altcoin captured a nearly 200%...
Scammers mail out fake hardware wallets to victims of Ledger data breach
The consequences of Ledger’s major data breach continue to be felt almost a year later. One contributor to the r/Ledgerwallet forum on Reddit, writing under...
Sotheby's will auction World Wide Web source code as NFT
British computer scientist Tim Berners-Lee, who developed the original source code for the World Wide Web, is making the data part of a nonfungible token...
EOS Climbs 20% In a Green Day
Investing.com - EOS was trading at $12.6898 by 09:12 (13:12 GMT) on the Investing.com Index on Wednesday, up 20.23% on the day. It was the largest one-day...
Retail traders become 'sitting ducks' as sell-off triggers $1.4B liquidation
After flirting with a $2 trillion market capitalization for the last couple of days, the cryptocurrency market took a 7% hit on April 7, dropping the total...
3 reasons why BTC will unlikely trade below $50,000 in the near term
Bitcoin (BTC) is showing tenacity above $50,000 on March 25. The 10% drop over the last 24 hours happened despite Tesla allowing customers to buy vehicles...
Institutional crypto managers report record AUM despite U.S. inflows plummeting
According to digital asset investment manager, CoinShares, institutional demand in the U.S. has declined slightly however European funds are still buying.According...
Morgan Stanley Report Implies Bitcoin’s New Institutional Asset Class
A novel report from Morgan Stanley, the American multinational investment bank, states that bitcoin attracts more and more institutional investors. At the...
Russia Puts Off Cryptoruble’s Issuance Till 2019, Belarus to Adopt Bitcoin Soon
Eastern Europe is aspired to march into the world of cryptocurrency. Recently Ukraine informed about its plans to regulate cyber money in the country...