Quoll TVL Soars an Astounding 8,500% in Three Weeks, Fueled by THE Token from THENA's Arsenal
In a significant development for the DeFi (Decentralized Finance) landscape, Quoll, a yield farming platform on the BNB Smart Chain (BSC), has experienced a substantial increase in its Total Value Locked (TVL) this week.
The TVL on Quoll has surged from nearly $1 million to an impressive $13.7 million in less than three weeks, marking a nearly 13-fold increase. This growth was particularly notable on November 27, when THE's TVL on Quoll experienced a fivefold increase to $4.6 million.
This surge can be attributed to several factors, one of the most significant being the Binance Airdrop of THE token, the native token of THENA, which was released on November 26. The airdrop served as a direct incentive, encouraging users to lock more assets in Quoll to receive the airdrop distributions, thus boosting TVL substantially.
Quoll, a platform that leverages multi veTOKENS and a boosted yield model to multiply yield for liquidity pools, has been promoting itself as a yield booster and on-chain incubator. After the token airdrop event, THE holders can now participate in complex yield farming schemes on Quoll.
The increase in TVL on Quoll is also indicative of the growing interest in the BNB Smart Chain network. BNB Chain’s increased throughput to 20,000 transactions per second supports higher scalability and user capacity, which can encourage more users and liquidity providers to engage with platforms like Quoll.
It's worth noting that THE is a token from a decentralized exchange (DEX) and liquidity layer on the BSC chain, and the native token of THENA. The most dominant asset on Quoll, THE, currently holds a TVL of $13.2 million, accounting for 96% of Quoll's total TVL.
This week's surge in TVL on Quoll has brought the highest level of THENA's TVL on the BSC network since July 2023. However, it's important to note that Quoll's TVL reached a record low of $150,000 earlier this month.
For precise data or official statements regarding this event, checking Quoll's platform announcements or Binance’s updates would be advisable.
- The increase in TVL on Quoll, a yield farming platform on the BNB Smart Chain, is a testament to the growing interest in the fintech sector, particularly within the DeFi industry and the finance industry.
- The Binance Airdrop of THE token, the native token of THENA, played a crucial role in boosting Quoll's TVL, demonstrating the impact of such drops in the technology industry.
- The surge in TVL on Quoll has propelled THE, a token from a decentralized exchange on the BSC chain, to the highest level of TVL since July 2023, underscoring the potential of innovative platforms like Quoll in the news cycle.
