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KetchupSwap Attracts 3,000 Unique Wallets in 9 Days

Posted by
Robert Hoogendoorn

KETCHUP doesn’t stay in the bottle

The newly launched DeFi protocol KetchupSwap on Binance Smart Chain has attracted exactly 3,000 unique active user wallets in 9 days. These user wallets brought $5,43 million in trading volume, now placing the dapp on the 12th spot in the DeFi Rankings on DappRadar.

KetchupSwap launched its smart contracts on May 24th, but didn’t find an audience until the 26th. After that the protocol slowly grew its daily unique active wallets, reaching 391 on May 30th and 789 on May 31st.

The first real moment of growth happened on June 1st, when KetchupSwap attracted 3,000 unique active user wallets. A partnership with Lokum Finance seems to have given the platform a boost.

Source: DappRadar

To be more precise, KetchupSwap is an automated market marker, or AMM. That means that users can trade digital assets without permission from a third-party. Instead the platform uses liquidity pools, which are filled by users themselves. In return users receive the native token, in this case KETCHUP.

The 3,000 unique active wallets on June 1st enjoyed a nice APY on their investments, as the platform offers 29,000% APY on for example the KETCHUP-BNB LP tokens. Keep in mind the APY drops as more user join, furthermore investors should always be careful not to investment money they can’t lose.

Give KetchupSwap a try!

Yield farming without loyalty

Yield farming is a popular activity for those active in the DeFi ecosystem on Binance Smart Chain. Users hop from platform to platform, joining pools that offer the highest APR. Ideally they double their investment, and move to the next farm. As a result users, or investors, are generally not that loyal. However, there’s also a risk that the yield farm itself isn’t trustworthy.

When users put their tokens into liquidity pools and stake their LP tokens in a farm, they put their crypto tokens in a bank. But this time the bank is a protocol created by someone anonymous. Especially users that move between the high-APY yield farms are at risk.

Those who accept a lower APY on their yield farming activities, can find security and more established platforms. On Binance Smart Chain that would for example be PancakeSwap, ApeSwap or BakerySwap.

Want to learn more about the basics of DeFi? Read our introduction article.

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