Ethereum Classic’s TVL recovers and here’s the key driving factor

ambcrypto.com:

Ethereum Classic (ETC) just concluded a bullish week but its price action is not the only aspect that achieved a pivot. Its total value locked also registered some upside after previously experiencing outflows.

Is your portfolio green? Check out the Ethereum Classic Profit Calculator

ETC had a $363.982 TVL, at the time of writing, which represented a significant improvement and pivot from its $279,884 low in February.

But despite this noteworthy improvement, Ethereum Classic’s TVL was immensely dwarfed by Ethreum’s impressive $28.93 billion TVL. ETC’s anemic TVL is a rough indicator of just how far behind the network is in the DeFi race.

Source: DeFiLlama

A major reason for Ethereum Classic’s TVL shortfall is that it has not been very successful in attracting DeFi projects to run on its network.

Nevertheless, there is one particular protocol running on the Ethereum Classic network that seeks to change that. The HebeSwap decentralized exchange currently accounts for most of Ethereum Classic’s TVL.

The amount of TVL that HebeSwap contributed to Ethereum Classic peaked at $236,928 after surging by 42.87% in the last 7 days.

It had the highest gains out of the DeFi projects currently running on the Ethereum Classic network.

The DEX recently expressed its commitment to improving ETC’s ecosystem through the latest addition, a farm APY pool.

ETC bounced back by as much as 25% from its weekly low to its weekly high. Its 40% gain from its current monthly low is even more impressive. It traded at $21.12 at press time.

Source: TradingView

Can ETC sustain the rally for the next few days? Its latest upside has so far pushed above the 50% RSI level which means relative strength is now leaning in favor of the bulls. Multiple on-chain metrics also