TON-based decentralized stablecoin protocols, Aqua Protocol and Delea, saw their total value locked (TVL) soar to record levels. Both projects borrow from MakerDAO’s model and represent collateral debt position (CDP) projects that issue their own stablecoins to be used in decentralized finance (DeFi).
DefiLlama data shows that Aqua’s TVL has nearly doubled in December to a record $4.1 million.
Elsewhere, Delea, which launched a month ago, saw its TVL surge to $5.4 million. It gained over 100% on Tuesday alone.
Aqua is a decentralized platform that aims to become a liquidity hub on the TON blockchain. It enables users to deposit Toncoin (TON), several liquid staking tokens (LSTs) related to TON, and USDT to mint AquaUSD – a stablecoin pegged to the price of the US dollar. USDT accounts for nearly 100% of total deposits.
On Tuesday, December 17, Aqua saw record daily inflows, with more than $720,000 worth of USDT being deposited on the platform.
Investors are minting the token to provide liquidity to TON-based decentralized exchanges (DEXs) like StonFi and DeDust, which provide generous annual percentage rate (APR) figures for the AquaUSD/USDT pair. For example, the pool on DeDust currently offers an APR of 42.3%.
Despite Aqua’s rapid growth, Delea outperformed it on Tuesday, becoming the largest CDP project on TON by TVL. The protocol allows users to deposit TON, stTON, tsTON, jBTC, and jETH as collateral to mint DONE, its dollar stablecoin.
Like Aqua, Delea saw record daily inflows on Tuesday, with more than $2.4 million worth of tokens deposited on the platform.
Following this growth, both Delea and Aqua entered the top 50 CDP projects by TVL. The total value deposited on CDP protocols has been fluctuating near $10 billion, with MakerDAO accounting for nearly 60% of it.
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