Origin Ether, a yield farming application, has received more than $12 million worth total value locked (TVL) two weeks after launch, with insights from blockchain-based DefiLlama, as stated by Cointelegraph.
According to Cointelegraph, on May 16, 2023, the application was introduced. Insights from DefiLlama showed that the application comprised $793,000 present inside contracts prior to release. Post the public launch on May 16, 2023, Origin Ether-based deposits started accumulating which resulted in around $12.6 million worth profit within the period.
Based on Cointelegraph’s information, Origin Ether creates yield using Ether through depositing it into liquid staking and decentralised finance (DeFi) protocols. Reportedly, Origin Ether utilises an algorithmic market operations technique for maximum return on investment on Curve and Convex.
Moreover, Cointelegraph noted that Ether-based staking protocols permit ETH holders to stake their coins using a network of providers in return for tokens representing those deposits.
(With insights from Cointelegraph)
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