TL;DR
- Amply Finance reaches a record $20 million in TVL on the Cronos zkEVM chain, with a 300% increase.
- Amply’s growth began on November 6 when its deposits nearly doubled to $9.2 million.
- Amply has become the largest DeFi app on Cronos zkEVM, contributing to the network’s TVL increase.
Amply Finance, a lending protocol on the Cronos zkEVM chain, has experienced impressive growth in recent days, reaching $20 million in TVL on November 11, 2024, marking a 300% increase in a short period.
This figure sets a record for the platform, which officially launched in September. In just a few weeks, Amply has become the largest dapp on the Cronos zkEVM Layer 2 network, developed in partnership with Cronos Labs.
According to information published on DefiLlama, this rapid growth is attributed to several strategic initiatives, such as the launch of its native token, AMPLY.
The surge in Amply’s growth began on November 6 when its deposits reached $9.2 million, nearly doubling in just a few hours. On that same day, the platform announced the conversion of its existing preAMP token to the new AMPLY token, offering the option to stake the rewards for three months, unlocking more AMPLY in February 2025.
This move has generated significant interest among users, reflected in the rapid influx of funds. The protocol, which is a fork of Aave v3, also saw record USD inflows, totaling $5.3 million on November 9.
The tokens with the largest deposits include vETH, a liquid staking token from Veno Finance, ETH, VUSD, USDC, CRO (Cronos’ native coin), and WZKCRO, a wrapped version of zkCRO. This growth in Amply’s TVL has also had a positive impact on the Cronos zkEVM network, which has seen its total TVL double, reaching $42 million, driven by the contribution of the platform.
Other prominent decentralized apps (dapps) on this network include H2 Finance, Veno Finance, Fulcrom Perps, and MicroSwap.
The Impact on the DeFi Ecosystem
The growth of Amply Finance comes at a time when the DeFi sector is experiencing a broader recovery. In the past week, DeFi’s total TVL has increased by over $20 billion, driven by a bullish sentiment in the market.
This rebound is reflected not only in the growth of platforms like Amply but also in the resurgence of trust in Layer 2 networks, such as Cronos zkEVM, which has proven to be a favorable environment for the growth of decentralized applications.
Amply, with its innovative lending approach and the integration of its native token, is positioning itself as one of the key players in this new wave of growth. The ability of Cronos zkEVM to offer fast and cost-effective transactions is a crucial factor that has allowed Amply to attract an expanding user base, who now enjoy new opportunities for staking and reward returns.
Additionally, Amply’s platform continues to evolve, with more features planned for the near future, making it an attractive option for those seeking an innovative DeFi protocol. Looking ahead, the integration of more assets and the continued improvement of its infrastructure are expected to further solidify its position within the DeFi ecosystem on Cronos zkEVM and beyond.
