Despite the massive crypto volatility in the market, there are still bullish moves taking place these days which are giving investors optimistic vibes. Check out the latest reports about a DeFi protocol that’s built on Ethereum.

Ethereum DeFi protocol explodes

According to the latest reports presented by the online publication the Daily Hodl, there is an altcoin that powers the Ethereum-based decentralized finance (DeFi) platform that seems to be truly defying the crypto markets woes by rallying in a big way.

As the online publication mentioned above notes, Rari Governance (RGT) is the governance token of Rari Capital, a DeFi suite that allows participants to borrow, lend and earn yields on cryptocurrencies.

The same reports note the fact that holders of RGT can take part in the protocol’s governance system through on-chain voting. They can also contribute to liquidity pools found on decentralized exchanges (DEXs) to earn fee rewards.

More than that, it’s been also revealed that they can use the token to obtain discounts on the protocol’s services.

According to Rari, RGT is a deflationary coin that burns tokens as it earns money.

“RGT will be burned on every cent made by the protocol (70% of all revenues to be exact), decreasing the total supply of the token as the protocol succeeds.”

The DeFi data tracker DeFi Llama made sure to explain the fact that Rari Capital currently has $54.26 million in total value locked (TVL) capital.

Rari Governance is currently surging, according to official data.

Here’s what the Daily Hodl notes: “RGT at one point had rallied by 125% from $4.08 to $9.20 in less than 12 hours before correcting to current levels.”

In other recent news, earlier today, we revealed the fact that Bitcoin seems to be flashing a signal that it had found a bottom according to the latest reports. Check out our previous article in order to learn the complete details.

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