veDAO reaches $2.69 billion in TVL within hours after its launch

veDAO, a new project with an incredible TVL, took the entire Fantom network by storm with its high TVL.

veDAO, a new project with blistering growth, emerged on the crypto scene on Wednesday, January 18. Since then, it has remained the talk of the town. The project’s single goal is to participate in Andre Cronje’s latest DeFi project. veDAO planned to rack up as much TVL as possible to qualify as a top 20 project on Fantom. This way, the project meets the demand to acquire one of the ve(3,3) NFTs.

veDAO’s Surprising Rise

New and old DeFi projects have been vying for a piece of the ve(3,3) pie ahead of its introduction. Compared to veDAO, no other project has amassed such a large amount of total value locked in such a short period. In the first 24 hours after its launch, veDAO’s TVL went from nothing to $1.03 billion.

In the first 24 hours of its launch, veDAO had almost 4,000 wallets interacting with WeVe, its token. veDAO is the second-largest project on Fantom by assets under management. Following the launch of veDAO, the total value locked in the Fantom ecosystem increased by 29% to $9.9 billion.

 

Why the Surge?

veDAO’s remarkable TVL is directly influenced by its ambition to emerge as a top project on Fantom. As a result, the WeVe price is in high demand. However, veDAO stands at great risk if the WeVe price stumbles.

According to veDAO, ve(3,3) non-fungible tokens and their revenues will be governed by WeVe. Furthermore, WeVe also has no monetary value, according to the VeDAO whitepaper. It exclusively reflects Cronje ve(3,3) NFT governance rights. Participants can simply remove their staked assets from the pools and move on if veDAO fails to reach the top 20 in TVL.

However, a recent tweet shared by Cronje showed that veDAO made the snapshot and got an NFT, displacing older Fantom projects in the process.

 

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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