Soaring App Sets New Record of $13 Million TVL, Leading the Pack in the SoFi Sphere
Yay! Surges to Leading DeFi Social Application
In a remarkable turn of events, the virtual world platform Yay! has taken the lead as the largest DeFi application in the SoFi category, surpassing friend.tech. This achievement comes after a rapid growth spurt over the last two weeks, which has seen Yay!'s total value locked (TVL) soar to a record-breaking $13 million on Tuesday, October 15.
Launched in August 2024, Yay! promotes itself as a space where everyone can express their ideas, share about their daily life and interests, and join communities. The platform has recently introduced a staking campaign to strengthen its ecosystem liquidity and reward active users.
Currently, Yay! supports two tokens for staking: StakeStone's STONE and Kelp's agETH. agETH's TVL has surpassed $5 million within two weeks, while STONE's TVL has seen a significant surge, reaching $7.8 million as of this writing. On the first day of October, there were record inflows in USD terms, with nearly $5 million worth of tokens deposited into Yay!.
STONE is a yield-bearing liquid staking token backed by Ethereum, provided by StakeStone, an omnichain liquidity protocol. agETH, on the other hand, is an Ethereum-backed liquid staking token offered by Kelp DAO's Gain vault program. It is worth noting that STONE represents 60% of the crypto funds deposited via Yay!.
The staking campaign is aimed at Yay! supporters, encouraging them to stake their assets with protocol partners like StakeStone and Kelp via its dedicated dashboard. For those interested in tracking the growth and performance of Yay!, its native token YAY, STONE, and agETH, it is recommended to consult Yay!'s official platform analytics or dashboard, decentralized finance (DeFi) data aggregators such as DeFi Llama or DappRadar, and blockchain explorers for the networks hosting these tokens.
Yay!'s transformation into a Web3 player began in 2023, when it introduced an economic model involving a native governance token (YAY), utility token, and non-fungible tokens (NFTs). The platform's meteoric rise in the DeFi space is a testament to its innovative approach and commitment to its users.
- Yay!'s native token, YAY, and its staking tokens STONE and agETH can be tracked by consulting Yay!'s official platform analytics, DeFi data aggregators such as DeFi Llama or DappRadar, and blockchain explorers for the networks hosting these tokens.
- The rapid growth spurt of Yay! has seen its total value locked (TVL) soar to a record-breaking $13 million on Tuesday, October 15, making it the largest DeFi application in the SoFi category.
- The staking campaign introduced by Yay! has a dual purpose: to strengthen its ecosystem liquidity and reward active users, with STONE and agETH being the tokens staked.
- In the web3 world, Yay! has established itself as a leading DeFi player, integrating an economic model involving a native governance token (YAY), utility token, and non-fungible tokens (NFTs), which played a significant role in its meteoric rise.
