The total locked value (TVL) of Raft, a popular altcoin project, has taken a leap. Raft is a coin backed by staked Ethereum (sETH). Here are the details…
TVL of altcoin project takes a leap
Raft, a stablecoin issuer backed by staked Ethereum (stETH) from its flagship token Lido, has surpassed $55 million in total locked value. This is seen as a sign of strength for the nearly three-week protocol. Raft’s TVL has risen 4,595 percent since June 5, according to blockchain statistics firm DefiLlama. Even as other protocols building StETH-backed stablecoins stagnate, its TVL of around $180 million is growing like Lybra, which has remained basically unchanged throughout the month. Lybra’s eUSD stablecoin has a market cap of $84 million, while Raft’s Rs stands at $29 million.
The rise in Raft, an alternative stablecoin issuer, highlights the burgeoning market for liquid staking tokens that allow users to use liquidity as the mainstay, despite locking their Ethereum to earn rewards for securing the Ethereum Blockchain. The liquid staking industry has a TVL of over $20 billion. This puts him ahead of decentralized exchanges, lending platforms and bridging protocols as DeFi’s top dog.
Raft CEO made a statement
Raft CEO David Garai refers to Liquid Staking Derivatives (LSD). “LSDFi will continue to dominate the DeFi space for the next few months and beyond,” he said. Garai also stated that Raft will “add other staking derivatives as collateral over the next few weeks.” He predicted that this would “significantly” further increase TVL. In a statement, Garai confirmed that although Raft is centered around the R stablecoin, the team has ongoing discussions on introducing an additional token, RAFT, which aims to empower community members and help decentralize the protocol.
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