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Rari Capital TVL Increases to Over $1B in Just 2 Weeks

Rari Capital TVL Increases to Over $1B in Just 2 Weeks Blockchain News
  • Rari Capital saw a surge in its total value locked (TVL) to over $1 billion.
  • Today RGT is trading at $29.23 with a 24-hour trading volume of $4,774,497.

The decentralized finance (DeFi) protocol Rari Capital saw a surge in its total value locked (TVL) to over $1 billion.

According to DeFiPulse, the DeFi lending, borrowing, and yield generating protocol has surpassed the key milestone in TVL, increasing to around $1.09 billion. Rari is a platform that provides permissionless pools, allowing users to create any pool of assets such as Non Fungible Tokens (NFTs) offering any interest rates.

Launched in July 2020, Rari automates DeFi by optimizing and moving users’ funds to the highest yielding grounds. Since then, the firm caught the attention of the crypto and blockchain community and also as it is run by teenagers. On September 30, Rari Capital’s TVL had surpassed $500,000.

Reports say that this milestone was driven by several liquidity pools that provide higher than industry normal returns. Currently, the platform offers a 21.67% annual percentage yield on USDC stablecoin deposits and 26.43% APY in the DAI pool.

In addition to this, its Fuse protocol was liked by many as it allows users to create custom lending and borrowing money markets with any cryptos and unlimited parameters.

More so, Rari Capital expressed its excitement by thanking OlympusDAO — the algorithmic currency protocol that enables users to supply cryptos like ETH or DAI to create bonds that back its native currency OHM.

On October 11, Rari Governance Token (RGT) surged to $34, hitting an all-time high, according to CoinGecko. Today RGT is trading at $29.23 with a 24-hour trading volume of $4,774,497. This means Rari Governance Token is up 4.20% in the last 24-hour.

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Roland Guirdonan can be found writing, developing, and designing all sorts of content. Aside from his fascination with content creation, he is also passionate about blockchain and cryptocurrency developments.