The total value locked on decentralized-finance protocol Gamma has doubled in the past month as investors attempt to secure generous staking yields.

Gamma is a semiautomated liquidity manager that allows users to provide liquidity at the most lucrative pools across six different blockchains.

The protocol also features staking of its native token, GAMMA, which is producing a variable yield of 7.04%, according to the Gamma website.

The token has performed well since the turn of the year, rising to 33 cents from a low of 7 cents. GAMMA has a market cap of $19.3 million and 2% market depth of $38,209, according to CoinGecko.

Market depth is a measure used to evaluate liquidity. It demonstrates how much capital is required to move an asset by a certain percentage based on the order book.

The Gamma protocol offers one product that is targeted at individuals and institutions as it offers a passive yield. Another is aimed at Web3 companies and decentralized autonomous organizations, offering consultation and back-tested strategies for treasuries.

While interest in Gamma has been muted since its 2021 introduction, Defillama data shows that it is one of the fastest-growing yield products this year with total value locked, market cap and fully diluted valuation all surging as the DeFi sector bounces back from a lackluster 2022. CoinDesk Indices' DeFi index has risen 59% to 1,056.49 since Jan. 1.