Story Protocol Attracts Liquidity with Newly Released dApps

Story Protocol, an intellectual property-focused blockchain launched earlier this month

Story Protocol, an intellectual property-focused blockchain launched earlier this month, is making waves in Decentralized Finance (DeFi) with its newly released dapps. Last week, the total value locked (TVL) on the network peaked at $17 million. Although the metric has declined due to outflows from a lending protocol, most dapps continue to grow despite the bearish pressure in DeFi and the broader crypto market caused by the massive crypto selloff.

Here are the top four Story dapps attracting liquidity:

Verio

Verio is the liquid staking platform for Story’s native IP token and the largest dapp. It is also used as a restaking service similar to EigenLayer. TVL on Verio has reached $13.5 million less than two weeks after its launch.

The only accepted token is IP. Despite a decline in inflows, Verio’s TVL has been driven by an increase in the price of IP, which has surged over 600% to trade at $7.2 as of this writing. IP is currently ranking 55th on Coinmarketcap with a total valuation of $1.8 billion.

Meta Pool stIP

Meta Pool is a Near and Ethereum liquid staking service that now supports Story. Users can stake Wrapped IP (WIP) to receive stIP and use it in DeFi. Meta Pool’s TVL on Story is at a record $8.5 million two weeks after its launch.

PiperX

PiperX is a decentralized exchange for Story. Forked from Uniswap, the platform’s TVL has reached $4.4 million, driven by the IP price.

The DEX hosts several pools, and the most deposited tokens are USDC.e and WIP.

Story Hunt

Story Hunt is another Uniswap-like DEX launched two weeks ago, and its TVL has just broken above the $3 million mark.

Like PiperX, TVL is dominated by USDC.e and WIP.