Decentralized finance (DeFi) remains one of the fastest-growing subsectors of the cryptocurrency ecosystem and newly launched platforms looking to abound their userbase and concenter liquidity typically offer high-interest staking pools for the showtime few weeks later on launching.

One new project that has steadily gained traction in terms of user growth and total value locked (TVL) since farming went alive is DinoSwap (DINO), a Polygon network-based cross-chain protocol that rivals the likes of PancakeSwap and other automatic market makers.

DINO/USD ane-hour chart. Source: CoinGecko

Information from CoinGecko shows DINO that saw its cost merchandise as high every bit $4.28 upon launch and a surprise flash crash pushed the price to $2.30 on July 25. The price has since recovered to trade above $three.

Related : DeFi industry draws in commercial banks? Siam bets with $110M fund

VC backing gives users extra conficence

DeFi's success has been a boon for the crypto ecosystem, but its rapid rise has also brought numerous scam projects and rug pulls such every bit Polywhale Finance, which was a leading yield subcontract on the Polygon network earlier the developers of the project performed a "soft carpeting."

Unlike projects with bearding developers, DinoSwap has received more than $4.7 1000000 in funding from venture majuscule funds and this could heave the confidence of investors who fear a rug pull.

This helped provide momentum ahead of the official launch of the DinoSwap protocol on July 17, which quickly amassed a total value locked of more $300 million past July 18 according to information from DeFi Llama.

DinoSwap total value locked. Source: Defi Llama

Yield opportunities attract deposits

The rapid rising in TVL on the platform is due in large part to attractive yield opportunities offered by the protocol.

Users can deposit liquidity provider tokens into the 'Fossil Farms' department of the protocol which offers rewards ranging from 14.39% for a USDT-USDC pair to 901% for the DINO-USDC pair.

The 'Extinction Pools' section of the protocol allows users to directly pale a growing list of individual tokens, including DINO and Aavegotchi (GHST) whose returns are in the 79% to 641% range.

DinoSwap too allows users to fourth dimension-lock their DINO tokens in the 'Tar Pits', which offers a higher reward for longer duration lock-ups.

Regular DINO token burns are as well a standard do utilized as a fashion to help maintain the value of the native token and bring a greater level of stability to the ecosystem.

According to the well-nigh recent inquire me anything session from the DinoSwap team, upcoming plans on the project's roadmap include improvements to the DinoSwap AMM, multi-chain span and the addition of gamification products and governance features.

With Bitcoin price vying to flip the $40,000 level dorsum to support, and altcoins showing double-digit gains, DinoSwap could peradventure go one of the largest AMM's on the Polygon network and if DeFi tokens accept another run in the coming quarter, DINO toll could rise, especially if new staking pairs are offered in the near future.

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