Binance DeFi Dapp Swamp Finance Activity Explodes

Swamp Finance

Volume up over 500% in the last 7-days

Swamp Finance, an advanced yield optimizer hosted on Binance Smart Chain (BSC) using SWAMP as its governance token, has seen a massive surge in all metrics. In the last 7-days, the number of unique active wallets has jumped over 70% to over 6,000 while transactions have increased over 83% to almost 60,000. As a result, the volume has increased over 500% to over $158 million at the time of writing. 

Swamp Finance
Source: DappRadar

Interestingly, we observe a decreasing balance at the same time as big surges in other metrics. The balance shown is the amount flowing through the Swamp Finance smart contracts so the reason for almost a million dollars-decrease is due to the fact that the funds are now locked up in pools that reward users with APY yields and additionally in SWAMP tokens. 

Furthermore, listing and farming deals with dapps such as ApeSwap and 1Inch have further increased awareness of Swamp Finance. Looking at the price increase of the token, it’s clear to see why the SWAMP incentive has brought users flooding in. In the last 7-days, the price increased over 50% from $98 to $148. 

Swamp Finance
Source: CoinGecko

Looking at similar Binance Smart Chain finance dapps total value locked (TVL) metrics we can see that Swamp Finance although having only launched on BSC in Early March 2021 is amongst the top DeFi dapps with a TVL of $121 million. 

Swamp Finance
Source: Twitter

What is Swamp Finance

In a nutshell, Swamp Finance enables users to potentially maximize returns on initial deposits through yield aggregation and compounding. Moreover, users don’t need to harvest their yield returns manually. This process is achieved through the use of vaults to facilitate the automation of compounding and the process of yield farming.

As a result gas usage becomes more efficient and that helps users to grow their assets. Depositing funds into vaults is a passive investment strategy, designed to bring users maximum yields on their deposited balances. 

Binance Smart Chain finance dapps continue to lay siege to their Ethereum counterparts as retail users start to discover that a more centralized alternative can also provide a good user experience with financial benefits. As reported in the Q1 Dapp Industry Overview BSC started the year extremely strong. The blockchain beat Ethereum in regards to transaction volume and unique active wallets in the first month of 2021 and continued to dominate throughout the quarter.

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