Finance Surges to a Record $120M TVL during Base Chain's Extensive Growth
In the rapidly evolving world of decentralised finance (DeFi), Overnight Finance has made a significant leap forward, posting impressive gains on the Base chain. On Wednesday alone, the platform saw a staggering 90% increase in value.
Overnight Finance, known for its flagship product USD+, has been making waves in the DeFi sector. USD+, a yield-bearing stablecoin, accounts for over 95% of the platform's total value locked (TVL), currently standing at over $112 million. This growth has propelled Overnight Finance to become the 7th largest DeFi app on the Base chain, surpassing Extra Finance.
Extra Finance, another notable DeFi project on Base, also supports USD+ and Overnight's native token, OVN, albeit with an aggregate share of less than 2%. However, it's worth noting that Extra Finance's TVL reached a record $169 million on November 10.
The Base chain, currently one of the best-performing chains in DeFi, boasts a TVL of $3.8 billion, providing a fertile ground for DeFi apps to thrive.
Overnight Finance's success is not limited to the Base chain. The platform also supports multiple Ethereum layer 2 chains and the BNB Smart Chain, expanding its reach across the DeFi ecosystem.
On Wednesday, Overnight experienced record inflows of $55 million worth of USDbC, a bridged version of USDC on the Base chain. As of now, over $117 million worth of stablecoins are locked with USD+.
Users can deposit stablecoins like DAI or USDC to mint USDT+, a yield-bearing stablecoin on Overnight Finance. The most deposited token on the platform is USDbC, and USDT+ can generate up to 13% annual return.
Overnight Finance's TVL exceeded $100 million on November 13, marking a significant milestone in its growth. The platform has been one of the best-performing DeFi apps this week, underscoring its potential in the DeFi space.
For those seeking detailed and up-to-date performance comparisons for these specific DeFi apps, specialised DeFi analytics platforms like DeFiLlama or DappRadar are recommended. These platforms, along with the official project pages and social media channels, often publish growth reports and key statistics.
Overnight Finance, with its impressive 90% increase in value on Wednesday, is showing promising performance in the best-performing chain, Base, making it one of the best-performing DeFi apps this week. Its TVL of over $117 million, generated from stablecoins like USDbC and USDT+, indicates significant growth in investing opportunities within the DeFi sector, particularly in relation to technology and finance.
