A yield farming app called Origin Ether has seen significant success since its launch, accumulating more than $12 million in total value locked (TVL) within a mere 14 days. This data comes from DefiLlama, a blockchain analytics platform that measures the dollar value of assets held in an app’s smart contracts.
The app was officially launched on May 16, following earlier deposits of approximately $793,000 from team members and early partners. Once the public launch took place, deposits to Origin Ether (OETH) rapidly increased, resulting in a TVL of over $13 million by May 30. This impressive growth represents a gain of around $12.6 million in just two weeks.
Origin Ether employs a yield generation strategy that involves depositing Ether into various liquid staking and decentralized finance (DeFi) protocols. The app utilizes Curve and Convex, employing an algorithmic market operations approach to maximize returns. Prior to being deposited into these protocols, some of the Ether is converted into liquid staking derivatives like Lido Staked Ether (stETH), Rocket Pool Ether (rETH), and Frax Staked Ether (sfrxETH). This allows users to benefit from additional farming rewards provided by these derivatives, as mentioned in the app’s official documentation.
Liquid staking protocols have gained popularity as Ethereum has transitioned to proof-of-stake consensus and introduced the ability to withdraw staked ETH. These protocols allow ETH holders to stake their coins with a network of providers and receive tokens representing their deposits. Notably, liquid staking protocols have emerged as the leading category in DeFi, surpassing decentralized exchanges in terms of TVL, according to DefiLlama’s May 1 report. The collaboration between LayerZero and the Tenet network on May 30 aimed to further promote the use of liquid staking in the Cosmos ecosystem through cross-chain bridging.
Origin Ether’s rapid accumulation of TVL in just two weeks demonstrates the growing interest and