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Cryptocurrency News Articles

Agni Finance DEX Recovers, Establishes New TVL Record High of Over $171M

Nov 04, 2024 at 10:12 pm

Agni Finance, a decentralized exchange (DEX) on the Mantle network, recovered at the end of October, and its total value locked (TVL) established a new record high on October 31 at over $171 million.

Agni Finance DEX Recovers, Establishes New TVL Record High of Over $171M

Agni Finance, a decentralized exchange (DEX) on the Mantle network, recovered in late October, and its total value locked (TVL) hit a new record high on October 31, reaching over $171 million, according to data from DefiLlama.

Agni’s TVL crossed the $160 million mark at the end of July but declined until early October, dropping below $90 million.

The DEX’s pool value has nearly doubled in a month. The previous record high in July was also set after a rapid increase when the TVL more than tripled in a few weeks. Both waves of TVL growth are linked to the Metamorphosis campaign.

Season 1 began on July 1 and highlighted mETH, a liquid staking token that represents Ethereum staked through the mETH Protocol on the Mantle network. Token holders could accumulate Powder, which was exchangeable for COOK, mETH Protocol’s governance token that launched on October 29.

The campaign’s Season 2 focuses on introducing cmETH, a liquid restaking token (LRT) that represents mETH restaked across platforms like EigenLayer, Symbiotic, and Karak.

On October 29, cmETH launched on Agni, attracting over $26 million in token deposits across its pools. The next day, the DEX had over $55 million worth of cmETH in its pools. This growth led cmETH to comprise 25% of Agni’s TVL, second only to mETH with over 57%. The mETH/cmETH pool is the largest by TVL.

The DEX also hosts several other tokens, including USDC, USDT, USDY, WETH, FBTC, AXLETH, and AXLUSDC.

cmETH’s growth on Agni pushed inflow figures to their highest levels since July. On October 30, the platform experienced the second-best day for USD inflows.

Trading volume on Agni, however, recovered at the end of October, but it still falls short of July's figures when Season 1 of the Metamorphsis campaign launched.

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