Dubai, United Arab Emirates–(Vehement Media – March 24, 2022) – Vires Finance has announced it has now exceeded $1.5 billion total value locked (TVL) in its DeFi-forged lending protocol.

The market cap of Waves, Vires’ parent blockchain, has also grown rapidly over the last month, nearly tripling despite bearish conditions.

The use case of Vires is to let users take over-collateralized loans so they can free up capital to deploy elsewhere. Lenders earn interest from supplying capital, and from staked tokens that are deposited. As the Vires token is based on the Waves blockchain, it too can move freely within the Waves ecosystem and access the other products available.

The Waves roadmap outlines plans for a DAO, enabling cross-chain finance, establishing building blocks for a metaverse, and an American-based accelerator program to spur new developments in blockchain application for the American market. Vires & Waves both hope to represent a key solution for institutional capital aiming to enter the DeFi ecosystem.

Vires Finance, on the back of their recently launched revenue distribution, is currently offering above the market rate on its stablecoins. The growth in TVL shows a desire to access the Waves ecosystem from lenders, and that has created a virtuous cycle in terms of the rates on offer. The lending and borrowing protocol currently offers USDT, USDC, USDN, EURN, BTC, ETH and WAVES in its available pools, as well as 100% APR for staking native token Vires – the revenue distribution of which is paid continuously.

Despite the recent climate in the sector, since the start of the year, Waves and Vires Finance have both more than doubled their market cap. Vires continues to fulfil the stages outlined on its roadmap as it becomes a gateway for the deployment of institutional capital.

Media Contact:
Lana Kovalski

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