As per the latest reports, BENQI has reported that it has reached a new milestone. The liquidity market protocol has announced that it has marked a new achievement in terms of total value locked (TVL). The protocol has announced that it has achieved a milestone of hitting a total value locked of $1 billion.
According to data, the protocol has successfully achieved this milestone in less than a week of launching Avalanche (AVAX). This achievement overcome by the BENQI protocol goes to demonstrates how much the decentralized finance (DeFi) sector has been adopted.
The DeFi sector is not just adopted by the individual or the retail sector, but even the mainstream institutions have adopted the system. The decentralized finance sector is constantly moving towards the when it comes to witnessing its growth.
Although the DeFi sector had been around since 2017, it got to make its real debut in the year 2021. This was the year when the decentralized finance sector turned explosive and witnessed an influx of millions of investors.
Since then, the DeFi sector has welcomed one project after another proving to be extremely profitable and lucrative for the users. This is the reason why the platform has gained tremendous market capitalization and value in the entire crypto-verse.
The major aspect of the decentralized finance sector was to help users borrow assets through the platform without any extra fees. This is the reason why the sector has gained tremendous growth and support from the investors and it is constantly growing bigger.
It was on Sunday, August 22, 2021, when Benqi Finance made the announcement in regards to its achievement in the DeFi sector. The firm shared its milestone through the Twitter platform, and it also thanked the entire community that supported the launch of the project.
The firm revealed that following the launch of the Avalanche (AVAX) Network, it observed tremendous participation from the investors’ end. In a matter of 24-hours, the firm reportedly observed its TVL grow all the way up to $200 million. Then in a matter of 48-hours, the TVL of the platform increased to $500 million.
From that point onwards, the protocol only continued growing bigger and its figure kept going up. As of August 21, 2021, the total value locked for BENQI protocol has reached an all-time high of over $1 billion.
The term TVL for a platform means how many digital assets have been staked on the particular protocol. These assets are not the assets that the protocol gives out in the form of loans. The TVL just represents the assets that a particular application has secured.
