694% increase in active wallets in the last 7 days
Flow has a budding DeFi darling in the shape of the BloctoSwap exchange, after finding success earlier this year with the NFT collection NBA Top Shot. Moreover, as NFT collectibles and games cooldown on Flow, it appears the Dapper Labs conceived blockchain has substitute dapps lined up and ready to tag in.
In the last 7 days, the performance of the other 4 dapps tracked on Flow is clearly indicated by the amount of red seen. NBA Top Shot has suffered an over 50% decrease in active wallets week over week while Chainmonsters saw the smallest dip in activity. What’s really interesting here is that a DeFi dapp on Flow is performing well. Importantly, it’s the only one right now. Accumulating over 2.3k active wallets, an increase of over 690% week over week, generating $8.3 million in volume.
What is BloctoSwap
BloctoSwap is the leading product of the Blocto ecosystem. At its core, it’s an Inter-chain automatic market-making (AMM) decentralized exchange with assets bridged from Ethereum. In simple terms, it’s Ethereum compatible with some simple bridging. Meaning investors can quickly flip Ethereum assets to Flow assets and bring them into BloctoSwap very easily. Using the platform’s built-in ‘teleport’ function.
In summary
BloctoSwap is the first dapp to take Flow into the DeFi and DEX sector. Moreover, the entire Blocto ecosystem is created with user experience in mind. For example, with Blocto Wallet, you can easily store and view your NBA Top Shot NFTs. As easily, you can switch to the DEX tab and start exchanging cryptocurrencies. Additionally, as Blocto Wallet is a mobile application, users can easily perform all these actions on the go. By creating applications and services accessible from smartphones, Blocto aims to bridge the gap between blockchain and mobile.
By no means are we saying Bloctoswap is about to overtake the leading BSC or Ethereum DeFi platforms. PancakeSwap on BSC sees around 1 million active wallets a week, while Uniswap V3 on Ethereum sees around 100k. Making Bloctoswaps 2.35k seems quite insignificant. But, it’s not a sprint, it’s a marathon and steady progression as a pose to massive peaks and troughs are preferred. As mentioned, Bloctoswap is currently the only DeFi offer on Flow and as such worth watching.
DappRadar users looking to invest in DeFi protocols have a plethora of options available. PancakeSwap, Uniswap, and QuickSwap each have governance tokens, CAKE, UNI, and QUICK respectively. Furthermore, every alternative also has its own tokens, from ApeSwap’s BANANA tokens to the SUSHI token for the different SushiSwap platforms. Token holders can find their holdings in the DappRadar Portfolio, allowing them to directly swap tokens straight from their portfolio.
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The above does not constitute investment advice. The information given here is purely for informational purposes only. Please exercise due diligence and do your research. The writer holds positions in ETH, BTC, ADA, MATIC, SAFEMOON, HEX, LINK, GRT, CRO, OMI, USDT, SOL, SHIBA INU, AVASTR, RAY, BOSON, AND OCEAN
