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By: Matt Kreiser · @KreiserMatt · Research Analysts
Grvt is a perp DEX where users can earn up to 11% APY interest on margin deposited to trade. Interest currently comes from protocol trading fees, with rehypothecation of most user deposits to external DeFi protocols coming soon as a second source of interest. Grvt announced Aave will be its first external yield source in February.
Grvt's Yield Layer is the earn infrastructure built on top of Grvt's unified margin system, routing idle collateral into onchain yield integrations such as Aave, so that the same balance backing a trader's open positions is simultaneously generating yield.
Grvt decouples where collateral deposited earns yield (Ethereum L1) from where user activity is tracked (Grvt private L2), ensuring composability with external DeFi without compromising the privacy guarantees of its Validium-based appchain.
Grvt total value locked (TVL) has increased 36.8% year-to-date (YTD) from $58.8 million to $80.4 million, while open interest has increased 53.4% to $451 million, as of March 23, 2026. Daily perp volume has held steady thus far in 2026, ranging from $650 million to $2.6 billion ($1.5 billion on March 26).
GRVT, the protocol’s upcoming token, will provide benefits to stakers, including reduced trading fees, higher GLP vault allocation and APY on margin, lockup rewards, principal insurance, better foreign exchange and on/off ramp fees, and cashback in GRVT on payments with Grvt card. TGE is intended for the end of June 2026.