Total value of Agility on floating stake platform rises to $467 million after Ethereum Shapella
Attention to the liquid staking sector has increased this week following Ethereum’s successful Shapella hard fork which enabled the withdrawal of stakes.
Agility, which is described as an LSD liquidity distribution platform that incentivizes occurrences of ether and liquid staking tokens, as seen in the documents, is a liquid staking platform that has seen tremendous growth in recent weeks.
Five of the 10 hottest DeFi smart contracts by total inflow value launched in the past 14 days belong to Agility, and nearly $400 million has flowed into Agility’s stake pools in the past seven days, according to blockchain analytics firm Nansen.
“A large number of commentators are predicting a season of ‘LSDeFi’ – products and services built around staked ETH dividends,” said Nansen Content Manager Andrew Thurman. “Agility appears to be one of the first successful examples, and the speed at which it has grown can be a sign that there is more to come.”
Since April 12, Agility’s total locked-in value has risen more than 643% to $467 million, per DefiLlama, while token AGI has jumped roughly 185% to 53 cents, giving it a market cap of $7.5 million, according to CoinMarketCap .
On April 12, data from CoinGecko showed that AGI’s total daily trading volume was less than $9,000. Two days later, trading volume increased to approximately $1.5 million. At press time, AGI’s 24-hour trading volume has jumped to over $9.5 million.
According to Snapshot, Agility DAO has 129 members. Nansen data shows that the number of unique addresses with AGI has risen to 926 at press time from one on 5 April.
Despite good results in terms of TVL and activity, Agility has raised some eyebrows after security detection platform GoPlus noted two “items of concern” related to the code for the AGI token.
According to Open Zeppelin, three functions inside the AGI contract allow privileged accounts to create more AGI, increase the token’s supply, and pause activity in the smart contract, such as trading.
As a result, the AGI token page on CoinGecko says: “The smart contract owner may create new tokens, be careful.” CoinMarketCap on its AGI token page also expresses a similar warning.
Ismael Bautista, a software developer and community grant member for the Moonbeam Network, told CoinDesk over Discord that “the AGI token is a very standard OpenZeppelin implementation.”
