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Mimoswap Leading the Way for IoTeX Blockchain

Posted by
Robert Hoogendoorn

Decentralized exchange increased user base 375%

The decentralized exchange Mimoswap on the IoTeX blockchain has made a big splash over the past week, attracting more than 22.900 unique active wallets. It’s the first dapp on the IoTeX blockchain to attract such a large audience. 

Mimoswap increased its user base 375% week-over-week, attracting ten times more traffic than other IoTeX dapps like Vita and Starcrazy. This pushed Mimoswap up the charts, reaching the 6th place in the DappRadar Exchanges Rankings over the past 7 days. 

DeFi has a strong presence on the Ethereum blockchain, Binance Smart Chain and Polygon. Since the summer we’ve seen newcomers like Avalanche, Solana and Terra gain market share. IoTeX and Mimoswap can’t compete with those yet, but the current growth trend is encouraging.

A quick update about Mimoswap

Mimoswap is a decentralized exchange on the IoTeX blockchain. According to the official website, the new V2 product is still experimental, in beta. However, this is the version most people use. Users can swap tokens using a web3 wallet, such as Metamask or ioPay.

With $17 million in liquidity, the Wrapped IOTX token (WIOTX) has the biggest presence on the exchange, followed by the Crosschain IOTX token (CIOTX) with $5.5 million. Stablecoins like Binance USD and Tether USD complete the top five together with Cyclone Protocol (CYC). Most of the trading takes place in the BUSD-WIOTX and the ioUSDT-WIOTX pairs.

DeFi continues growth

Even though we’re experiencing a bit of a dip right now, October ended with a record $219.8 billion in Total Value Locked for the DeFi sector. There’s not as much noise surrounding decentralized finance, but it keeps attracting more users and money. 

Ethereum is still the leader in terms of the aforementioned metric. At the end of October, Ethereum held $120 billion in TVL, almost 55% of the industry’s metric.

Solana surpassed BSC in terms of TVL. Despite being home to the most used dapp in the entire industry, and increasing the TVL by 23% from the end of September, BSC could not match the pace of red-hot Solana. Besides PancakeSwap, other DeFi dapps like ApeSwap, Venus, and Alpaca Finance offer attractive yield farming options that have attracted a notable user count. At the end of October, the TVL in BSC reached $21.89 billion.

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