Vesper Finance, the newly formed DeFI revenue group founded by former bitcoin developer Jeff Garzik, surpassed TVL’s value of $ 1 billion within six weeks of launch.

Garzik, who is also CEO of technology company Bloq Inc, tweeted the news on March 23, also revealing that the team had opened its smart contracts from open sources. The Vesper CEO also noted that the open source convertible container of the NFT protocol can be used to package, transport and sell any number of non-exchangeable tokens and ERC-20.

The protocol has grown impressively since it collected $ 25 million in beta testing from December 22 to February 17, and by March 9, Vespers’ total value had increased to $ 500 million, then doubled in the last two weeks.

Vesper is currently the 15th largest protocol with $ 1.09 billion TVL – over Badger DAO and behind Autofarm, according to decentralized financial analysis provider DeFi Llama.

The platform currently offers five groups of individual assets, and offers income to investors who contribute with DAI, USDC, ETH, WBTC or VSP, VSP. Bonuses are also offered to depositors in the form of VSP for most assets.

WBTC Vault is currently the most popular group with almost $ 420 million banned, followed by ETH with $ 382 million, USDC with almost $ 222 million, and VSP with $ 72 million. A total of $ 259,074 has been contributed to the DAI pool.

All of Vesper’s existing pools are described as a “conservative” risk level, and the team indicates that pools with higher risk profiles will be launched in the future.

Vesper Finance is also a co-founder, billionaire investor and founder of Bloq by Matthew Roszak and Bloq, DeFi President Jordan Krueger.

Source: CoinTelegraph