Decentralized alternate Velodrome has crossed the $100 million mark for whole worth locked (TVL) on the Optimism community (a second-layer on Ethereum).

The overall worth locked on the alternate hit $106 million on Thursday, signaling a fast-growing demand amongst DeFi customers.

This places it within the operating in opposition to dominant rival exchanges like Uniswap on the community. Whereas Uniswap has roughly double the buying and selling quantity of Velodrome on Optimism, the newer upstart sees greater than twice as many transactions and now has a bigger TVL. In truth, it now has the second-largest TVL of all purposes on Optimism.

Launched on 1 June, Velodrome is a fork of Solidly, a decentralized alternate constructed by Yearn Finance founder Andre Cronje on the Fantom blockchain. The principle cause behind the surge in TVL is that customers have locked their tokens to earn weekly rewards.

Velodrome depends on a vote-escrowed (VE) protocol, which incentivizes customers to stake the VELO governance token. On Velodrome, one can stake VELO for veVELO, one other token that offers holders the suitable to obtain VELO rewards and a share of the protocol charges.