Avalanche DeFi Platform Struct Finance Surges 120%, Secures Top Spot

• Avalanche-based DeFi platform Struct Finance has had an impressive week, seeing its Total Value Locked (TVL) increase by 150%.
• Struct Finance is now the 18th fastest-growing DeFi platform across all blockchain platforms and the 34th largest Avalanche-based DeFi platform in terms of TVL.
• Avalanche’s competitive DeFi ecosystem, which houses some of the top platforms in the sector, highlights Struct Finance’s success.

Struct Finance Outshines Established Platforms

Avalanche has one of the most decorated DeFi ecosystems in the industry with leading platforms like Aave and Benqi boasting TVLs surpassing major chains like Cardano and Bitcoin. Despite this fiercely competitive space, a new Avalanche-based DeFi protocol called Struct Finance has emerged as one of the fastest-growing platforms.

150% Growth In Total Value Locked

Data aggregator DeFiLlama reveals that between July 12 and July 19, Struct Finance’s Total Value Locked (TVL) skyrocketed from $350,000 to over $940,000 – a growth of 150%. This placed it as the 18th fastest-growing DeFi platform across all blockchain platforms over that period. At press time, it ranked 34th among all Avalanche based Defi protocols by TVL.

Attracting Attention From The Defi Community

Considering Struct Finance only launched on June 21st, its interest rate vaults and yield bearing products have attracted widespread attention from within the Defi community. Its success further highlights Avalanche’s thriving Defi ecosystem which despite experiencing a decrease in overall TVL since earlier this year remains at 7th place for overall Defi ecosystems while housing some of the top protocols in the sector.

Competition Between Protocols

The rapidly evolving world of decentralized finance is becoming increasingly competitive as more projects enter into what many consider to be an already saturated market space. However, competition isn’t always a bad thing as it can drive innovation amongst existing protocols while also providing users with access to potential higher yields than those offered by traditional financial institutions or other blockchain based protocols.

Continued Growth Of Avalanches Defi Ecosystem

Struct Fianance’s success demonstrates how quickly things can change within such an environment and provides evidence for continued growth within Avalanches defi ecosystem. With more projects entering into this ever growing space there is sure to be even more competition amongst established protocols which could likely result in increased user yields as well as improved product offerings throughout different networks moving forward into 2024 and beyond!