Attention to the liquid staking sector increased this week after the successful Shapella hard fork of Ethereum that enabled staking withdrawals.
Agility, described as an LSD liquidity distribution platform that encourages ether deposits and liquid staking tokens, as stated in its documents, is a liquid staking platform that has experienced in sharp growth in recent weeks.
Five of the top 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 staking pools in the past seven days, according to blockchain analytics firm Nansen.
“Many commentators have predicted an era of “LSDeFi” — products and services built around the staked yield of ETH,” said Nansen content lead Andrew Thurman. “Agility seems to be one of the first successful examples, and the speed with which it has grown may be a sign that there are more to come.”
As of April 12, the total amount locked in Agility increased more than 643% to $ 467 million, per DefiLlama while its token AGI jumped almost 185% to 53 cents, making its market capitalization of $7.5 million, according to CoinMarketCap.
On April 12, data from CoinGecko showed that the total daily trading volume of AGI stood at less than $9,000. Two days later, the trading volume increased to almost $1.5 million. At presstime, AGI’s 24-hour trading volume jumped to more than $9.5 million.
According to Snapshot, Agility DAO has 129 members. Nansen data shows that the number of unique addresses holding AGI has increased to 926 at press time from one on April 5.
Despite performing well in terms of TVL and activity, Agility raised some eyebrows after the security detection platform GoPlus detected two “objects of attention” related to the code for the AGI token.
According to Open Zeppelin, three functions within the AGI contract allow privileged accounts to generate additional AGI, increase the token supply and stop smart contract activity such as trading.
As a result, CoinGecko’s AGI token page states, “The owner of the smart contract will create new tokens, please proceed with caution.” CoinMarketCap on its AGI token page also expressed a similar warning.
Ismael Bautista, a software developer and community grants committee member for the Moonbeam Network, told CoinDesk on Discord that “the AGI token is a standard implementation of OpenZeppelin.”