Cross-chain liquidity layer Yei Finance launched its CLO token on Sei and BNB Smart Chain today.
CLO is up 245% since this morning, surging from a $17.5 million market capitalization to $61 million in a matter of hours. Roughly 13% of the token supply is currently circulating, and CLO trades at a $475 million fully diluted valuation (FDV).
Yei is the largest decentralized finance (DeFi) protocol on Sei with $229 million in total value locked (TVL), accounting for just over 47% of the ecosystem’s DeFi liquidity.
The protocol’s lending layer, Yei Lend, maintains nearly all of this liquidity with $227 million in TVL. Despite being the chain’s largest lending protocol, however, Yei Swap falls short of other Sei DEXs in terms of total volume, with ecosystem leader Sailor processing $124 million in spot volume over the last week compared to Yei Swap’s $16 million.
While Sei’s ecosystem has been growing, with TVL and activity hitting all-time highs this summer, the SEI token itself has struggled. SEI is down 80% from its $1.14 all-time high set in March 2024, and currently changes hands at just $0.22, or a $2.2 billion FDV.
