Yield-boosting application Convex Finance crossed $20 billion in total value locked (TVL) this Sunday, days after becoming the second-largest decentralized finance (DeFi) protocol by TVL.
DeFi projects rely on smart contracts instead of middlemen for financial services such as lending, trading, and borrowing.
Data from DeFi Llama shows that the platform locked just $68 million after its launch in May 2021, surpassing older projects in later months. The project took a month to attract $1 billion, and five months to reach $10 billion. Increased demand for the product led to an additional $10 billion in liquidity in the last two months.
