App Surpasses $13 Million TVL, Asserting Dominance in the SoFi Realm
In August 2024, Yay!, a decentralised social application, launched a staking campaign to strengthen its ecosystem liquidity and reward active users. The campaign has proven to be a success, significantly contributing to the platform's growth.
The staking campaign is aimed at Yay! supporters, encouraging them to stake their assets with protocol partners like StakeStone and Kelp via its dedicated dashboard. As a result, Yay! now supports two tokens for staking: StakeStone's STONE and Kelp's agETH.
STONE, a yield-bearing liquid staking token backed by Ethereum, provided by StakeStone, an omnichain liquidity protocol, currently represents 60% of the crypto funds deposited via Yay!. The TVL of STONE has surged from less than $3 million at the end of September to $7.8 million as of this writing.
agETH, an Ethereum-backed liquid staking token offered by Kelp DAO's Gain vault program, has also seen impressive growth. agETH's TVL has exploded from zero to over $5 million within two weeks.
Stakers can earn points from these partners as well as Yay! Gold. Yay! promotes itself as a virtual world where users can express ideas, post about daily life, and join communities. By participating in the staking campaign, users not only support the platform but also stand to gain rewards.
Thanks to this rapid growth, Yay! has become the largest DeFi application in the SoFi category, overcoming friend.tech. As of Tuesday, October 15, 2023, Yay! reached a record $13 million in total value locked (TVL).
For the latest updates on Yay!'s TVL, staking campaigns, and partnerships, we recommend checking the official Yay! project channels, blockchain analytics platforms that track DeFi TVL and staking activities, and press releases or announcements from StakeStone and Kelp.
- Yay! supporters are encouraged to stake their assets with protocol partners like StakeStone and Kelp via its dedicated dashboard, earning points from these partners and Yay! Gold.
- STONE, a yield-bearing liquid staking token backed by Ethereum, provided by StakeStone, has seen remarkable growth, currently representing 60% of the crypto funds deposited via Yay!.
- agETH, an Ethereum-backed liquid staking token offered by Kelp DAO's Gain vault program, has also experienced impressive growth, with its TVL exceeding $5 million within two weeks.
- By participating in the staking campaign, users not only support the platform but also stand to gain rewards, making it a significant part of technology-driven finance and NFT-focused news in the Web3 community.
