Size Credit, a rapidly growing lending protocol, saw its total value locked (TVL) cross the $2 million mark on Monday, January 27, and is currently inches away from breaking the $3 million mark, as per DefiLlama.
The lending platform started the year with less than $400,000 in its pools, as the ecosystem had slowly but steadily gained traction since its July 2024 launch.
Last week, the protocol’s TVL accelerated its growth. Size has expanded by nearly 400% in the past week alone and more than 600% over the month, making it one of the best-performing dapps tracked by DefiLlama.
Size Credit is the only fixed-rate lending protocol for any maturity in DeFi. It enables users to borrow USDC against Ethereum and other collateral tokens. The protocol is available on Ethereum and Base.
Lenders can select their own rates on a yield curve, earn a variable rate until matched with borrowers, and exit their obligations at any time. On the other side, borrowers benefit from the best fixed rates for any maturity they select and can exit positions early without paying full-term interest.
On Friday, Size launched a new fixed-rate market for sUSDe-USDC, further expanding TVL growth. sUSDe represents Ethena staked USDe. Today, both sUSDe and USDC are the most deposited tokens on the lending app, with $1 million in TVL each.
On Tuesday, January 28, the protocol experienced record inflows of USDC and sUSDe, as users deposited a total of $1.3 million of these tokens.
The average annual percentage yield (APY) on the six tracked pools ranges between 3% for sUSDe and 8% for AIXBTC.
Thanks to the launch of the sUSDe-USDC market, Ethereum has become the dominant chain for Size Credit, overcoming Base. At the beginning of the year, Ethereum-based tokens had about $1,000 in TVL on Size.
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