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ShibaSwap Finds its Way to Binance Smart Chain

Posted by
Robert Hoogendoorn

SHIB holders can enjoy low transaction fees now

ShibaSwap launched its trading platform on Binance Smart Chain, allowing users to trade tokens without paying high gas fees. This version of the decentralized exchange already attracted more than 12.000 unique active wallets in the past 7 days, while the DEX on Ethereum served 5.330 wallets. 

ShibaSwap opened its doors earlier this year, as the native SHIB token became the center of much speculative hype. The token originally launched on Uniswap without a working product associated with it. However, thanks to the power of the internet, SHIB token gained traction, and shot up in value 91 million percent (!) since its launch on November 28th, 2020. Right now, SHIB is worth $0.00005146. That’s a 40% drop from its all-time high less than 3 weeks ago.  

Across the two blockchains, Ethereum and Binance Smart Chain, ShibaSwap now has more than $522 million in Total Value Locked (TVL). However, with those numbers ShibaSwap is still a small fish in the DeFi sea. Recently launched Katana on Ronin has more than $1.2 billion in TVL, while other new names like Raydium ($1.5 billion) and Saber ($1.33 billion) on Solana also perform better. The top DeFi protocols have a TVL of $10 billion or more, suggesting there’s still a long way to go for ShibaSwap. 

DeFi sector climbing up since October

On October 1st the DeFi sector had a TVL of $125 billion. That number has steadily increased since, peaking last week at $180 billion. Since then the TVL has slightly decreased to $167 billion at the time of writing. Nonetheless, that’s impressive growth since early October. 

The Total Value Locked is heavily influenced by token prices. As token prices shot up, the TVL automatically increased as well. That’s why DappRadar also looks at the Adjusted TVL, or ATVL. With ATVL we look at the total value locked while ignoring token price movement. Token prices aside, we’ve seen the ATVL increase from $135 billion 30 days ago to $163 billion at the time of writing. 

This reveals that DeFi users put roughly 20% more money into the ecosystem in the past 30 days. They put tokens in liquidity pools or provided collateral for loans. DeFi users are putting their tokens to work, generating passive income. 

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