Ink, a Layer 2<\/a> (L2) blockchain launched<\/a> by U.S. crypto exchange Kraken<\/a> in December 2024, saw its total value locked (TVL) surge by nearly 3,800% in less than two weeks, climbing from $6.42 million on Oct. 15 to nearly $249 million as of press time.<\/p>\n However, data from DefiLlama shows<\/a> that out of 30 protocols deployed on Ink, more than 97% of this sharp increase came from a single product, Tydro, a non-custodial lending protocol built by the Ink Foundation, as a white label instance of open-source DeFi giant Aave<\/a>. <\/p>\n The Ink Foundation announced<\/a> the launch of Tydro on Oct. 15, calling the protocol Ink’s “native liquidity layer,” and revealing that it would also be directly integrated into Kraken. <\/p>\n The data further suggests that the spike in TVL followed shortly after Tydro\u2019s launch and was amplified by a nine-figure stablecoin mint<\/a> from USDT0, a cross-chain version of USDT<\/a>.<\/p>\n As of press time, Tydro\u2019s total market size of deployed assets exceeds $350 million, including $108 million in borrowed assets and $243.55 million in supply. <\/p>\n The highest supply APY on the protocol, currently 1.84%, isn\u2019t offered on USDT0 but on USDG, a stablecoin issued by regulated fintech Paxos and backed by a consortium including Kraken, Robinhood, Anchorage Digital, Bullish, and Galaxy Digital.<\/p>\n As a result, Tydro, which currently supports only five markets<\/a> \u2014 ETH, USDT0, USDG, KBTC and GHO \u2014 became the second-largest protocol on Ink in terms of weekly revenue, generating $3,179 since launch, next only to Velodrome, a decentralized cryptocurrency exchange, which boasts over $21,000 in weekly revenue.<\/p>\n Despite the parabolic TVL expansion, network activity on Ink, which is built on Optimism\u2019s Superchain<\/a>, has been trending downward. The number of daily active addresses has declined steadily from its March 24 peak of 127,100 users to around 60,300 for the past week, a drop of more than 50%, according to data<\/a> from Token Terminal. The fall across user activity also transformed into falling network revenue, which has dropped to under $500 in daily fees recently, with a total revenue of $11,600 in the past month.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" The surge is led by a single protocol, Tydro, launched by Ink itself. Ink, a Layer 2 (L2) blockchain launched by U.S. crypto exchange Kraken in December 2024, saw its total value locked (TVL) surge by nearly 3,800% in less than two weeks, climbing from $6.42 million on Oct. 15 to nearly $249 million as […]<\/p>\n","protected":false},"author":2,"featured_media":409474,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[274,273,272,244,266,271,268,270,269,267],"class_list":["post-409471","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-de-fi","tag-crypto-finance","tag-decentralized-finance","tag-liquidity","tag-metamask","tag-pancake","tag-slippage","tag-sushiswap","tag-tronlink","tag-trust-wallet","tag-uniswap"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/409471","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=409471"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/409471\/revisions"}],"predecessor-version":[{"id":409475,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/409471\/revisions\/409475"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/409474"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=409471"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=409471"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=409471"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"the-defiant\"](\"https:\/\/thedefiant.io\/_next\/image?url=https%3A%2F%2Fcdn.thedefiant.io%2Fpasted-1761579804572-png-891b2b3e-7a6b-4d92-8ccd-01b34e5b1978.png&w=3840&q=100\"\/)
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