EthereumClassic's TVL recovers and here’s the key driving factor
ETC bulls make a comeback but market conditions will dictate its next move.
just concluded a bullish week but its price action is not the only aspect that achieved a pivot. Its total value locked also registered some upside after previously experiencing outflows.ETC had a $363.982 TVL, at the time of writing, which represented a significant improvement and pivot from its $279,884 low in February.
But despite this noteworthy improvement, Ethereum Classic’s TVL was immensely dwarfed by Ethreum’s impressive $28.93 billion TVL. ETC’s anemic TVL is a rough indicator of just how far behind the network is in the DeFi race.A major reason for Ethereum Classic’s TVL shortfall is that it has not been very successful in attracting DeFi projects to run on its network.
Nevertheless, there is one particular protocol running on the Ethereum Classic network that seeks to change that. The HebeSwap decentralized exchange currently accounts for most of Ethereum Classic’s TVL. The amount of TVL that HebeSwap contributed to Ethereum Classic peaked at $236,928 after surging by 42.87% in the last 7 days.The DEX recently expressed its commitment to improving ETC’s ecosystem through the latest addition, a farm APY pool.by as much as 25% from its weekly low to its weekly high. Its 40% gain from its current monthly low is even more impressive. It traded at $21.12 at press time.
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