SpaceFi Crosses $10 Million TVL Milestone

04/11/2023 08:04 • Blockchain Briefs • 105 views

On April 11th, according to official news, SpaceFi, a cross chain DeFi platform based on Evmos and zkSync, announced that its TVL had exceeded $10 million.

Cross chain DeFi platform SpaceFi TVL breaks through $10 million

SpaceFi, a decentralized finance platform based on Evmos and zkSync, has made a significant leap in terms of Total Value Locked (TVL). According to official reports released on April 11th, the platform’s TVL has now crossed $10 million, marking a crucial milestone for SpaceFi and the DeFi industry as a whole. In this article, we delve deeper into SpaceFi’s cross-chain capabilities, its use of Evmos, and zkSync to offer users high-speed transactions and low gas fees, and examine how this impressive growth was achieved.

What is SpaceFi?

SpaceFi is a cross-chain DeFi platform designed to provide users with a secure and decentralized environment for various crypto transactions. The platform enables users to trade, lend, borrow, and stake different digital assets quickly and efficiently, using Evmos and zkSync. Evmos is a highly efficient EVM-compatible blockchain, while zkSync is a Layer 2 scaling solution, making transactions on the SpaceFi platform faster and cheaper.

The Benefits of Evmos and zkSync

The use of Evmos and zkSync is a significant driving force behind SpaceFi’s success. Evmos is highly scalable, capable of handling up to 60,000 transactions per second at low gas fees, making it an excellent alternative to the Ethereum blockchain. On the other hand, zkSync offers Layer 2 scaling solutions, with the added benefit of trustless and non-custodial security for users. Together, these technologies allow SpaceFi’s users to experience high-speed transactions for lower fees, without sacrificing security or performance.

Achieving the $10 Million Milestone

The $10 million TVL milestone is a significant accomplishment for SpaceFi, given that the platform launched only recently, in early 2021. The platform has experienced rapid growth over the past few months, primarily due to its cross-chain capabilities, which allow users to trade different tokens seamlessly. Additionally, SpaceFi’s low transaction fees and high transaction speeds make it an attractive option for DeFi users looking to save on gas fees and carry out transactions more quickly.

The Future of SpaceFi

The DeFi industry has been growing rapidly, with new platforms launching frequently. However, SpaceFi’s use of Evmos and zkSync sets it apart from other platforms. As the platform continues to grow, it aims to offer even more products and services, such as yield farming, lottery games, and NFTs, to its users. This move would further solidify SpaceFi’s position as a reliable and innovative cross-chain DeFi platform.

Conclusion

SpaceFi’s growth in TVL to over $10 million is a testament to its efficient and innovative cross-chain capabilities. Its use of Evmos and zkSync ensures that users experience high-speed transactions at low fees, while its growing list of features, such as yield farming and NFTs, demonstrate its commitment to continued innovation in the DeFi space.

FAQs

#1. What is TVL?

TVL stands for Total Value Locked. It is the total value of all assets, such as cryptocurrency, held in smart contracts on a DeFi platform.

#2. How does SpaceFi offer low gas fees?

SpaceFi uses Evmos, a highly scalable EVM-compatible blockchain that can handle up to 60,000 transactions per second at low gas fees.

#3. What does zkSync offer to SpaceFi users?

zkSync offers Layer 2 scaling solutions, with trustless and non-custodial security, for faster and cheaper transactions on SpaceFi.
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