Aaryamann Shrivastava
FXStreet
- Silo Finance which is deployed on both Ethereum and Arbitrum, has attained a TVL of $143 million.
- In comparison, MakerDAO, Curve Finance and Convex Finance noted a decline of 16% to 23% in the past month.
- In the same duration, the native token of the platform SILO also shot up by 102%, according to Nansen.
Ethereum, being the home of Decentralized Finance (DeFi), hosts a bunch of protocols on the network. However, given the tense market conditions, very rarely does a protocol manage to grow as quickly as Silo Finance did over the past month.
Ethereum dApp makes a splash
Ethereum-based Silo Finance, a lending market protocol that has also been deployed on Arbitrum, has noted an increase of 94% in the total value locked on the platform. On-chain insights platform Nansen noted that the reason behind this rise is the fact that they enabled crvUSD to be the universally accepted collateral across all their markets.
Consequently, the protocol gained the investors’ attention, which translated to the TVL of the application rising from $70 million at the end of September to $143 million at the time of writing.
Silo Finance TVL
To put this growth into perspective, in the same duration, some of the topmost DeFi protocols, such as MakerDAO, Curve Finance, and Convex Finance, among others, have lost the total value locked on them. This decline ranges from around 16% to 23% in the span of four weeks.
Silo price jumps around 100%
Along with the total value locked on the platform, the trading price of the native token of Silo Finance also grew in the last month and a half. Trading at $0.048 at the time of writing, SILO could see hovering around $0.025 towards the end of September. Since then, the altcoin has shot up by 92%.
Given Silo was trading around $0.029 at the beginning of the year, the overall growth in the altcoin’s price year to date happens to be above 90%, akin to the increase in the last 45 days.
SILO’s trading price is still 56% below the peak of the altcoin’s performance this year. According to CoinMarketCap, the cryptocurrency hit a high of $0.1096 towards the end of April and has been on a downward trend since then until the end of September.
SILO trading price
From here on, Silo price might see some correction as the overheated market would need to cool down.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.