Q1 Growth Update: $OP, Oh My! Terminal TVL Hits New Highs
With the holidays behind us and the crypto markets trending up, it’s been a busy and exciting start to the year for xToken. In this article, we’ll provide an overview of the business and highlight our latest Terminal partnerships and programs. In case you missed our 2022 recap/2023 preview, check out our recent post, xToken in 2023.
Since the launch of Origination on January 10th, five projects have deployed nine new Mining and Origination programs. xToken’s TVL has more than doubled, with the bulk of growth coming from the Optimism Layer-2.
New Terminal deployments
Galleon DAO deployed a DBL token program alongside the launch of our Origination app. Galleon, an asset management guild that has historically been building innovative structured investment products, has been a longtime user of xToken’s Mining platform. As part of its protocol-owned liquidity initiative, Galleon offered discounted DBL in exchange for DBL-WETH liquidity. By the end of the program, Galleon managed to acquire 110K DBL worth of DBL-WETH liquidity.
Uniswap Foundation launched four new Mining pools on Optimism. UF is leveraging xToken Terminal to distribute a portion of its OP token grant to liquidity providers:
- USDC<>DAI currently sits at $1.6M in TVL
- wSTETH<>WETH has $1.8M in TVL
- WETH<>DAI has $437K in TVL
- OP<>USDC has $244K in TVL
Current UF pool rewards end on February 9th, 2023. This concludes round 2 of the UF LM program; more information on phase 3 to come!
MoonRock Finance deployed two new pools to incentivize liquidity for its Liquid Staked ETH (LSETH) token on mainnet. LSETH is an index of leading liquid staked ETH tokens, aiming to reduce volatility and mitigate underlying protocol risk compared to holding individual tokens.
- LSETH<>WETH #1 has a TVL of $100K, paying 87% APR to LPs. Rewards end February 20, 2023. Tokens have a four week vesting period. This pool’s liquidity is more concentrated, between 1 WETH per LSETH and 1.05 WETH per LSETH.
- LSETH<>WETH #2 has a TVL of $45K, paying 97% APR to LPs. Rewards end March 20, 2023. Tokens have an eight week vesting period. This pool’s liquidity is less concentrated, between 1 WETH per LSETH and 1.07 WETH per LSETH.
Flashstake, an upfront yield protocol, deployed a wstETH<>fstETH pool on mainnet. wstETH and fstETH are Lido liquid staking token strategies. This pool rewards in Flashstake’s governance token, FLASH, currently sitting at $60K TVL and an APR of 300%. Rewards end on February 22, 2023.
SupDucks, an ETH NFT project, incentivized a pool for its governance token liquidity. WETH<>VOLT rewards end March 18, 2023. The pool currently sits at $15K in TVL and is paying 59% in VOLT rewards.
What is xToken Terminal?
xToken Terminal is a permissionless investment bank. We provide seamless access to the kinds of fundamental on-chain primitives that all projects will need during their lifecycle.
Instead of allocating weeks or months to dev work building and testing custom solutions, projects using Terminal can deploy a Uniswap V3 liquidity mining program or a complex token program, for example, in a matter of minutes. Our highly configurable smart contract architecture and deep investment in UX empowers projects big and small with the key on-chain solutions necessary to bootstrap a protocol.
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