Cross-chain liquidity layer Yei Finance today launched its CLO token on Sei and BNB Smart Chain.
The CLO is up 245% since this morning, rising from a market cap of $17.5 million to $61 million within hours. About 13% of the token supply is currently circulating, and CLO is trading at a fully diluted valuation (FDV) of $475 million.
CLO Chart – CoinGecko
Yei is the largest decentralized finance protocol (DeFi) on Sei with $229 million in total value locked (TVL), accounting for just over 47% of the ecosystem’s DeFi liquidity.
The protocol’s credit layer, Yei Lend, maintains almost all of this liquidity with $227 million in TVL. However, despite being the chain’s largest credit protocol, Yei Swap lags behind other Sei DEXs in terms of total volume, with ecosystem leader Sailor processing $124 million in spot volume last week, compared to Yei Swap’s $16 million.
While the Sei ecosystem has grown, with TVL and activity reaching record highs this summer, the SEI token itself has struggled. SEI is down 80% from its all-time high of $1.14 in March 2024, and is currently changing hands at just $0.22, or an FDV of $2.2 billion.
