cryptoslate.com
The Avalanche-based DeFi platform Struct Finance saw over 100% gains in total value locked (TVL) during the week ending July 17.
As per data from DeFiLlama, the total value locked (TVL) of Struct Finance more than doubled, increasing from $350,820 to $718,229, between July 10 and July 17.
The platform’s TVL also nearly doubled from 25,800 AVAX to 51,156 AVAX over the same period when measured in Avalanche’s native currency, AVAX.
This significant growth has established Struct Finance as the fastest-growing Avalanche-based DeFi platform over the past week. It also places the platform as the 18th fastest-growing DeFi platform on any blockchain over a single week.
Even with its rapid growth, Struct Finance currently ranks as the 38th largest Avalanche-based DeFi platform by TVL. Whereas Struct has $707,757 in TVL, the leading Avalanche DeFi platforms Benqi (QI) and Aave (AAVE) have upwards of $200 million in TVL.
Struct is less than one month old
Struct Finance’s rapid growth is notable due to the fact that it launched slightly less than one month ago, on June 21, 2023.
At the time of Struct’s launch, an announcement from Avalanche explained that the platform offers interest rate vaults as well as tranching mechanisms that create groups of yield-bearing products with unique strategies.
Furthermore, the announcement highlighted Struct’s unique feature that allows liquidity providers (LPs) to earn fixed yields during stable market conditions, irrespective of market fluctuations. Additionally, during times of high volatility and trading activity, LPs can access variable yields to take advantage of any ongoing yield increase.
Struct also aims to foster effective markets through greater capital efficiency, expansion of strategies, and the creation of more liquid markets while offering its services to retail and institutional investors alike. Moreover, Struct’s contribution to liquidity could potentially reinforce the overall strength of the Avalanche DeFi ecosystem.
It remains to be seen whether Struct will be able to maintain its early growth trends.