Geist accumulates $11.1 billion in locked value three days after launching as DeFi on Fantom gains momentum By CoinQuora
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Geist has $11.1 Billion in value locked within three days of its launch on Fantom as DeFi.Decentralized finance, also known as DeFi (decentralized financial institution), is an emerging sub-sector in cryptocurrency that is quickly growing and is helping to transform the financial system.
The smart contract capabilities of the network and the platform’s first-mover advantage resulted in a majority of the current DeFi ecosystem being hosted on Ethereum, but high transaction costs and network congestion have become a barrier to entry for the vast majority of users.
Fantom has been a popular network because it offers low transaction costs, fast processing times and a consistent user experience. The directed cyclic graph architecture of Fantom allows for infinite scaling that grows as new users join the network.
Fantom has an expanding community of nonfungible tokens and can now add a multibillion-dollar DeFi Protocol to its accomplishments. Geist’s successful launch, liquidity build, and subsequent liquidity building, saw the Fantom network adding a new protocol for decentralized, non-custodial liquidity markets. Users can borrow or lend crypto assets through the Fantom protocol.
According to the Geist Dashboard, the Geist protocol has rapidly risen in the total value lock (TVL) rankings since October 5. The platform now holds more than $11.1 trillion worth of value. Geist’s rapid growth in TVL confirms a strong community with well-funded backing.
Geist holds assets worth $2.44 Billion in USDT, $604 Million in Fantom(FTM), $1.3B in DAI and $2.32B in (USDC), $1.62 Billion in Wrapped (WBTC), $2.81 Billion in Ethereum (ETH) and $2.81B worth of Ethereum [ETH]
Data from DeFi Llama shows Geist as the sixth largest protocol in terms of TVL at $11.1 billion. This makes it the most established and well-known protocols on Ethereum, alongside MakerDAO, Compound, and Compound.
Geist’s design was inspired by AAVE, an Ethereum-based protocol that has become one the most trusted and secure in the industry. Geist’s developers wanted to try a new approach. This involves neither venture capital investments or governance, but rather a revenue-earning token which entitles token holders to share in the revenues generated by the platform.
GEIST stakers receive 50% of the revenues generated by borrowing through the protocol. Lenders and borrowers also get GEIST incentives to encourage the use of this protocol. You can also lock GEIST in order to receive higher rewards for users.
The launch and ascent to Geist has proven once more that the Fantom network is a contender in layer one. It is capable of providing a foundation that can be low-cost and high-throughput for some of the most popular sectors and protocols of the cryptocurrency ecosystem.
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