Staking service on Bahamut Chain named Lolik surpasses $50 million in total value locked
In the ever-evolving world of decentralised finance (DeFi), a new player has emerged as a significant force - Lolik, a multi-chain liquid staking platform.
Lolik, designed to enable users to stake assets across multiple blockchains while maintaining liquidity, supports Ethereum, Polygon, and Bahamut. Among these, Bahamut accounts for the largest share of deposits.
Bahamut, launched by Fastex in May 2023, is an EVM-compatible Layer-1 blockchain that boasts a Proof of Stake Authority (PoSA) consensus, EVM support, fast Layer-2 scaling, and is used across gaming, DeFi, NFTs, and enterprise use cases. It could potentially be among the chains Lolik supports, given Bahamut's blockchain capabilities.
As of this writing, Lolik offers an annual percentage rate of about 6% for Fastex's Fasttoken (FTN). This attractive rate has drawn approximately 1,000 FTN holders to stake their tokens with Lolik. Users deposit FTN and receive stFTN in exchange, which can be used in DeFi while staking.
The popularity of Lolik is reflected in its total value locked (TVL), which reached a record $50 million on August 28, 2023. Over the past three months, Lolik added about $10 million in liquidity each month, contributing to its steadily increasing TVL since the end of 2023.
However, it's essential to note that DefiLlama does not consider Lolik's deposits when measuring Bahamut's TVL to avoid double counting. Bahamut's TVL, without considering Lolik, stands at a record $2.8 million. Mutuari, Bahamut's decentralised lending dapp, holds $2 million in TVL, while SilkSwap, its decentralised exchange (DEX), has a record TVL of $577,000.
SilkSwap's TVL is a significant portion of Bahamut's overall TVL, and its growth has been impressive. In the past month alone, SilkSwap's TVL surged 300%. Despite Lolik being the largest DeFi app on Bahamut, Mutuari and SilkSwap are the primary contributors to Bahamut's TVL.
In conclusion, Lolik's growth and success on the Bahamut network underscore its potential as a leading DeFi platform. For the most accurate and up-to-date data on Lolik's development and its relationships with Bahamut and Fastex, checking Lolik's official channels or recent technical and community updates is recommended.
The growth of Lolik, a multi-chain liquid staking platform, has sparked interest on the Bahamut network, with its total value locked (TVL) reaching a record $50 million. In the realm of Web3 news, this development is significant, as Lolik offers an attractive annual percentage rate for Fastex's Fasttoken (FTN) on Bahamut, supporting DeFi activities.
