Staking platform Lolik on Bahamut Chain surpasses $50 million in Total Value Locked (TVL)
The Bahamut blockchain network, launched in May 2023 by Fastex, is currently experiencing growth driven by ecosystem developments and increased adoption activities. This Web3-oriented blockchain network, compatible with the Ethereum Virtual Machine (EVM), supports decentralized apps like Mutuari and SilkSwap, which are playing a significant role in deepening DeFi utility on Bahamut.
Key points on Bahamut’s growth and performance:
- Fastex, a major Web3 and iGaming player, has recently merged with Bahamut blockchain and continues to expand its ecosystem with new products and services, helping drive network usage and transactions.
- The Bahamut blockchain employs Proof-of-Stake-and-Activity (PoSA) consensus, rewarding validators for deploying popular smart contracts, which incentivizes activity on DeFi apps like Mutuari and SilkSwap.
- Ecosystem activity enhancements include FTN token staking, burning mechanisms related to gas fees, and fixed-rate lending options, all of which support growth in decentralized lending and swaps.
- Public API and RPC endpoints are available for Bahamut mainnet, indicating active infrastructure support for dapp development and network interaction.
- The unfolding Fastex roadmap and rollout of crypto debit cards and affiliate programs aim to increase user engagement and real-world use cases, which indirectly benefits Bahamut network activity and the performance of its DeFi apps including Mutuari and SilkSwap.
While specific real-time metrics on Mutuari and SilkSwap’s volume and user growth were not provided in the available data, the overall Bahamut network is positioned for growth. This positive trend likely benefits decentralized apps like Mutuari (lending) and SilkSwap (exchange), enhancing their performance as part of the active Bahamut DeFi ecosystem.
Mutuari, Bahamut's decentralized lending dapp, holds $2 million in TVL as of this writing. SilkSwap, the decentralized exchange, has a TVL of $577,000. Notably, Lolik, a decentralized multi-chain liquid staking platform, supports Ethereum, Polygon, and Bahamut, with Bahamut accounting for the largest share of deposits. As of this writing, Bahamut's total value locked (TVL) is at a record $2.8 million. About 1,000 FTN holders are currently staking their tokens with Lolik.
Lolik reached a record TVL of $50 million on August 28, 20XX, and its TVL has been increasing steadily since the end of 2023. Over the past three months, Lolik added approximately $10 million in liquidity each month. As of this writing, Lolik offers an annual percentage rate of about 6% for FTN.
The current price of FTN is $2.53, up over 123% over the year. The price and market cap of FTN have been increasing at a relatively stable pace since its 2023 launch. In the past month alone, the TVL of SilkSwap surged 300%.
In conclusion, the Bahamut blockchain network is experiencing growth due to Fastex's ecosystem advancements, staking-driven activity, and innovation in DeFi services. This positive trend likely benefits decentralized apps like Mutuari (lending) and SilkSwap (exchange), enhancing their performance as part of the active Bahamut DeFi ecosystem.
The Bahamut blockchain's growth in the finance industry, driven by technology advancements from Fastex, has led to increased adoption of decentralized apps like Mutuari and SilkSwap, subsequently boosting the Web3-oriented network's performance. The future of these DeFi apps, such as Mutuari for lending and SilkSwap for exchange, appears promising as they constantly evolve within the active Bahamut DeFi ecosystem.
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