Cronos zkEVM's integrated platform, Amply Finance, witnesses a staggering 300% surge in TVL, reaching a value of $20 million.
In the rapidly evolving world of decentralized finance (DeFi), Amply Finance has emerged as a leading player on the Cronos zkEVM chain. Recently, Amply Finance has witnessed significant growth, with its total value locked (TVL) nearly doubling to a record $20 million on November 11.
This surge in growth can be attributed to the broader recovery of the DeFi sector, with DeFi's total TVL gaining over $20 billion in the past week. The Cronos zkEVM chain, on which Amply Finance operates, has also seen its TVL double to a record $42 million, partly due to Amply's impressive performance.
Launched in mid-September, Amply Finance quickly became the largest dapp on the recently launched layer 2 network developed in partnership with Cronos Labs. The platform, which is a fork of Aave v3, has seen a surge of approximately 300% within a few days, attracting a growing user base.
Amply's growth can also be linked to the recent upgrade of Cronos's mainnet, which significantly lowers block times, improving transaction throughput. This technical enhancement directly benefits Amply Finance users, enabling faster and cheaper transactions, critical growth factors in DeFi ecosystems.
At the heart of Amply Finance's ecosystem is its native token, AMPLY. This token facilitates governance, staking, and incentivizes liquidity providers. The presence of AMPLY on the Cronos zkEVM chain places it in a competitive environment where scalability and speed are prioritized.
However, Amply is not without competition. Projects like H2 Finance, the leading decentralized exchange on Cronos zkEVM, also operate in the DeFi space on similar or adjacent blockchain infrastructures. The competition in DeFi generally revolves around factors such as user adoption rates, innovation in financial products, cross-chain compatibility, and tokenomics.
Amply launched its native token, AMPLY, on November 6, allowing users to convert preAMP to the new token. Amply users who hold the older token can stake all rewards for 3 months to unlock a larger amount of AMPLY in mid-February 2025.
Last week, Amply saw record inflows with USD inflows hitting a record $5.3 million on November 9. Notable dapps on Cronos zkEVM with good performance include H2 Finance, Veno Finance, Fulcrom Perps, and MicroSwap.
As we move forward, Amply Finance's continued success will likely be influenced by its ability to innovate and capture user interest in the dynamic DeFi landscape. The platform's strong product offering, including yield opportunities, staking, and governance features via the AMPLY token, will be key in retaining and growing its user base against competitors such as H2 Finance.
[1] Data sourced from Cronos Labs and various DeFi analytics platforms.
- The growth of Amply Finance on the Cronos zkEVM chain, whose total value locked (TVL) nearly doubled to a record $20 million, can be linked to the broader recovery of the decentralized finance (DeFi) sector and the recent upgrade of Cronos's mainnet, which improved transaction throughput.
- In the competitive DeFi landscape, Amply Finance faces competition from projects like H2 Finance, the leading decentralized exchange on Cronos zkEVM, as the competition often revolves around factors such as innovation in financial products, cross-chain compatibility, user adoption rates, and tokenomics.
