Struct Finance Climbs on Avalanche Blockchain Amid Swelling TVL

Struct Finance, a DeFi project built on the AVAX blockchain, recorded significant growth in the past week. The project reported via its Twitter handle that its total value locked (TVL) increased by 88.3% in the past seven days. That makes it the second-highest gainer on the AVAX blockchain.

A screenshot attached to Struct Finance’s tweet shows it follows only XY Finance in the order of top gainers. XY Finance gained 114% during the same period, while the next top gainer after Struct Finance is BayMax whose TVL increased by 41.6%.

Also contained in Struct Finance’s tweet was positive information about its BTC.b vault. The project noted that the vault experienced incredible growth within the week. According to the tweet, the vault’s growth is helping to establish it within the wider cryptoverse.

Data from DeFiLlama, a multi-chain TVL stats dashboard, show that Struct Finance’s TVL grew from $488,040 to $948,858 in the past seven days. When measured in AVAX, the project’s TVL grew from 37,430 AVAX to 63,990 AVAX in the same period.

Struct Finance launched its mainnet barely one month ago. Despite its young age, the recent growth has pushed the protocol high up among the top 35 DeFi projects on the Avalanche blockchain. It ranked in the 34th position at the time of writing, closely following SoliSnek Finance, whose TVL dropped by 9.18% in the past seven days.

Avalanche announced that Struct Finance launched on its C-Chain and offers interest rate vaults and a tranching mechanism that lets DeFi users access fixed and variable yield products. It also explained that the project aims to bring products typically reserved for institutions to the on-chain masses. Per CoinMarketCap, Struct Finance’s native token, STF, traded at $0.005878 at the time of writing, gaining 0.91% in the past seven days.