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Avalon Labs, a yield farming and lending protocol for Bitcoin-related tokens, saw its total value locked (TVL) break the $1 billion mark on Wednesday as Bitcoin reached a new record at $75,000 following Donald Trump’s win in the US election. DefiLlama data shows that Avalon’s total liquidity value soared by over 25% in the past week to touch $1.1 billion.
In mid-September, we reported that Avalon reached a record $440 million in TVL. The growth has been driven by a slight recovery in token deposits coupled with a significant increase in the Bitcoin price, which gained 5% on November 6.
Avalon Labs has established itself as the liquidity hub for Bitcoin LSDFi, offering several lending and yield products on multiple chains.
The platform, which launched in April 2024, started to expand after rebranding from Avalon Finance and launching the first CeDeFi platform.
Avalon CeDeFi combines the compliance of traditional finance with blockchain efficiency. The new product, launched in August, focuses on Bitcoin-related tokens. Users can deposit USDT to the FBTC/USDT pool to target a fixed rate of 8% and flexible repayment options.
The CeDeFi product alone has over $220 million in TVL, up from $80 million the last time we reported. On November 5, a record $45 million worth of tokens were deposited on the platform.
Avalon’s flagship DeFi lending platform has nearly $795 million in TVL, up from about $500 million in mid-September. Avalon Finance is a DeFi lending protocol forked from Aave v3 and compatible with 13 blockchain networks, including BitLayer, Merlin, BNB Smart Chain (BSC), IoTeX, Core, Arbitrum, Bob, Ethereum, Base, Scroll, BSquare, and Taiko.
BitLayer is the largest market, with over $290 million worth of tokens, followed by Core and BSC.
The share of Core exploded in October from $2 million to nearly $180 million.
Wrapped Bitcoin (WBTC) is the most deposited token, accounting for a third of Avalon Finance’s TVL.
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