Sierra Protocol

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

DeFiLlama publishes the exact rules used to aggregate on-chain balances into the headline TVL figure shown on this page. The methodology below is the team's own source-of-truth description.

TVL includes the USDC held in the multisig wallet and assets staked in OpenTrade vaults backing SIERRA tokens.

If a contract or vault isn't in this list, its balance does not contribute to the TVL displayed on Mantapex or DeFiLlama.

Sierra Protocol's governance or utility token carries a market capitalisation of $14.7M based on circulating supply at the latest DeFiLlama snapshot. Token market cap ($14.7M) and TVL ($10.5M) trade close together, giving a mcap/TVL multiple of 1.40× — broadly the range market participants treat as "fair" for an established DeFi protocol.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Feb 3, 2026
   Listed on DeFiLlama

Sierra Protocol operates in the Yield category of DeFi. It is deployed on Avalanche. The codebase has been independently audited (1 report on file).

Sierra Protocol is a single-chain protocol, deployed exclusively on Avalanche — this concentrates execution risk but simplifies the trust model. Only one audit report is currently listed; users should weigh that against the protocol's TVL before depositing significant amounts. Token market cap ($14.7M) and TVL ($10.5M) trade at a ratio of 1.40, in the range generally considered normal for an established DeFi protocol.

Verified external resources for Sierra Protocol — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

Sierra Protocol is one of 7 Yield protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Pendle, Spark Savings, Convex Finance, and 3 more. These peer protocols collectively secure $5.2B in deposits, giving you a frame of reference for whether Sierra Protocol's own TVL is at the top, middle, or tail of the category.

Pendle

TVL $2.3B · 24h +0.37%

Spark Savings

TVL $1.4B · 24h +0.35%

Convex Finance

TVL $722.7M · 24h +0.66%

Multipli.fi

TVL $342.7M · 24h -0.01%

Strata Markets

TVL $259.5M · 24h +0.70%

infiniFi

TVL $177M · 24h +1.74%