Rapid Growth of Kayen DEX's TVL: A 25,000% Boost over Two Weeks Reaches $10 Million
In the dynamic world of decentralized finance (DeFi), a new player is making waves. Kayen, a decentralized exchange (DEX) on the Chiliz network, has been one of the fastest-growing DeFi apps in July, according to data from DefiLlama.
Kayen uses a Uniswap-like automated market maker (AMM) model for its pools, focusing on sports fan tokens hosted by Chiliz. The largest pools in Kayen are made of popular fan tokens such as PSG, BAR, or ACM, traded against Chiliz's native token, CHZ.
Chiliz, an independent blockchain that powers the sports NFT platform Socios, has entered the top 100 chains by TVL, currently ranking 89 on DefiLlama. However, it's important to note that the search results focus more broadly on DeFi lending, popular cryptocurrencies, and AI-integrated DeFi projects, but do not mention Kayen or detailed monthly growth figures.
The sports fan tokens available on Kayen allow holders to vote on certain club events and proposals related to their favourite teams. The three largest sports tokens by market cap are the fan tokens of football clubs Paris Saint Germain (PSG), Barcelona, and AS Roma.
On July 11, the total value locked (TVL) in Kayen was $40,000. Since then, the TVL has skyrocketed, increasing by over 25,000%. As a result, Kayen now boasts a TVL of $10 million. It's worth mentioning that Kayen accounts for 99% of Chiliz's TVL, making it the most significant DeFi app on the network.
While other DEXs on Chiliz, such as KEWL Exchange and ChilizSwap, have been losing TVL over the last month, Kayen's growth has been a standout success. This surge in popularity could be attributed to the increasing interest in sports-related fan tokens and the ease of decentralized exchange offered by Kayen, which does not require know-your-customer verification.
For those seeking more detailed and up-to-date data on Kayen’s recent growth and status among DeFi apps, it's recommended to consult specialized DeFi analytics platforms such as DeFiLlama, DappRadar, or to explore blockchain explorer data on Chiliz for volume and user metrics. Additionally, checking Kayen’s official communications or Chiliz community channels might provide more precise growth updates.
A notable example of fan token influence occurred in 2020 when a PSG defender, Marquinhos, wore a captain's armband featuring the message "Ici c'est Paris" (Here is Paris), as voted by token holders. This demonstrates the power that fan token holders wield within the Chiliz ecosystem.
As the DeFi landscape continues to evolve, it will be interesting to see how Kayen's growth trajectory unfolds in the coming months.
