The all-in-one DeFi hub is finding its audience
Wault Finance has seen a dramatic surge in user and transaction activity in the last 7 days. Its transaction volume increased by 976% in the past 7 days.
The surge has taken Wault Finance up the rankings, where at the time of writing it is the 13th most used application on Binance Smart Chain. The DeFi platform stands out as an all-in-one hub for primary DeFi solutions on Binance Smart Chain.
In the last 7 days, the number of active wallets interacting with the dapps smart contracts has risen to nearly 21,000 increasing transactions by 170% to over 198,000. In the same time span transaction volume has increased almost 1000% to almost $261 million. Interestingly, an average transaction on Wault Finance in the last 30 days is around $1300.
Wault Finance surge explained
Looking more closely at the lifetime data of Wault Finance reveals that the surge in users has occurred in the last few weeks. We also see that a massive surge in volume occurred around the 13th of April. Other than that peak and the recent surge the dapp appeared to be operating a relatively low level. So what happened?
The first surge in volume starting around the 13th of April ties in with a staking snapshot. Users needed to get their tokens into staked positions for 7 or 30 day periods of time by the 18th of April to be eligible to claim free WEX tokens, the native token of the platform. These kinds of marketing moves have traditionally performed well as speculators look to collect the native token through an airdrop and await a favorable price increase.
The second surge in activity started at the beginning of May when Wault really started to ramp up operations. Transaction volume increased from just under $1 million on the 1st of May to almost $70 million at the time of writing. At the start of May, WAULTx staking opened up on the platform, offering a mouth-watering 4000% APY. Additionally, the platform’s token swapping service WSwap went live and crossed 150M in 24h trading volume after only 4 days. Putting Wault within the top 10 decentralized exchanges.
Another key service in the Wault Finance tool kit has been their WPAD launchpad service. WPAD is a decentralized fund management protocol that enables anyone to invest or start funds in a secure environment using smart contracts. In essence, it allows investors to get in at the ground level and trade their BNB or BUSD tokens for some new, potentially high-yielding tokens for projects that are still in their launch phase.
The idea of an ‘all in one’ DeFi destination is something that’s obviously appealing to many. Ongoing announcements related to WEX holders and further staking and farming opportunities are also playing a key role in the dapps evolution as it fights to become a top 5 DeFi application on DappRadar and Binance Smart Chain.
PancakeSwap and Venus are the kings of Binance DeFi right now. But, looking at user numbers in the last 24 hours shows that although Wault Finance is still relatively young it is climbing the ranks quickly. With almost 12,000 active wallets it is just behind leading DeFi dapp ApeSwap and if the platform can attract more value then it wouldn’t be surprising to see it enter the top 5 within the next few weeks.