Can Struct Finance Surpass Aave and Benqi?
Despite the competitive nature of Avalanche’s DeFi ecosystem, Struct Finance has managed to outshine established platforms and position itself as one of the fastest-growing protocols on the network. While Avalanche hosts renowned platforms like Aave and Benqi, Struct Finance has swiftly risen to prominence, posing a potential challenge to the leading players in the space.
In an extraordinary week of growth, Struct Finance witnessed an impressive 150% increase in its total value locked (TVL). According to data aggregator DeFiLlama, the protocol’s TVL surged from $350,000 to over $940,000 between July 12 and July 19. This remarkable achievement solidified Struct Finance’s position as the fastest-growing DeFi platform on Avalanche during that period.
The platform’s unprecedented growth propelled it to the 18th spot among the fastest-growing DeFi platforms across all blockchain networks. Currently, Struct Finance ranks as the 34th largest DeFi platform on Avalanche in terms of TVL, trailing prominent platforms like Pendle and Sushi.
It’s worth noting that Struct Finance is a relatively new protocol, having launched just a month ago on June 21. However, its interest rate vaults and yield-bearing products have attracted considerable attention from the DeFi community.
Struct Finance’s success highlights the thriving DeFi ecosystem on Avalanche. Despite a decrease in TVL since the beginning of the year, Avalanche still holds the 7th position among DeFi ecosystems and is home to some of the sector’s top platforms. With its rapid growth, Struct Finance has the potential to join the ranks of leading DeFi protocols. However, it faces a daunting journey given the competition it must contend with.
As Struct Finance continues to innovate and attract attention within the DeFi space, it remains to be seen if the platform can surpass established players like Aave and Benqi. Nevertheless, its impressive growth and emergence as a formidable contender on Avalanche demonstrate the dynamic nature of the DeFi landscape.