The total value locked (TVL) on decentralized finance (DeFi) protocol Gamma has doubled in the past month as investors attempt to secure generous staking yields.
Gamma is described as a semi-automated liquidity manager that allows users to provide liquidity at the most lucrative pools across six different blockchains.
The protocol also features staking of its native token, GAMMA, which is currently producing a variable yield of 7.04%, according to the Gamma website.
The token has performed well since the turn of the year, rising from as low as $0.07 to its current traded price of $0.33. GAMMA has a market cap of $19.3 million and 2% market depth of $38,209, according to CoinGecko.
Market depth is a metric used to evaluate liquidity, it demonstrates how much capital is required to move an asset by a certain percentage based on the orderbook.
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The Gamma protocol offers one product that is targeted at individuals and institutions as it offers a passive yield. Another is aimed at Web3 companies and decentralized autonomous organizations (DAOs), offering consultation and backtested strategies for treasuries.
While interest in Gamma has been muted since its 2021 introduction, Defillama veri shows that it is one of the fastest growing yield products this year with TVL, market cap and fully diluted valuation (FDV) all surging as the DeFi sector bounces back. CoinDesk Indices’ DeFi index has risen 59% to 1,056.49 since Jan. 1.