Daily trading volume tripled
The decentralized exchange Tokenlon has seen its audience double in the past seven days, while the total trading volume doubled to more than $670 million. The platform’s services seem to be in demand as it gives users the best exchange prices across Curve, Uniswap, and SushiSwap.
On a day-to-day basis, the transaction volumes have tripled over the past seven days. On February 16th there was a touch more than $50 million in volume, which exceeded $160 million on February 22nd.
The growth in trading volume on Tokenlon came together with an increase in active user wallets. Despite the transaction fees on the Ethereum network, the number of users doubled from 300 to more than 600 on February 22nd.
What is Tokenlon?
Even though there’s a tremendous amount of interest in Binance Smart Chain for DeFi products, there’s still innovation and growth happening on Ethereum as well. Tokenlon is a decentralized exchange using the 0xProject, and the prices it provides for trades are the ones the user will get.
Tokenlon also shows prices from other DEX services, like Kyber and Uniswap. In addition, it uses its native LON token as a reward for liquidity pool providers. Users can create a pool on Uniswap and stake their liquidity pool (LP) tokens for their LON liquidity farming program.
DeFi market skyrockets
Demand for DeFi oriented dapps has been skyrocketing in recent months according to data from DappRadar. The value locked into DeFi products on the Ethereum blockchain moved from $15 billion on December 1st to more than $50 billion on February 22nd.
While the success of DeFi on the Ethereum blockchain is remarkable, Binance Smart Chain has seen even bigger growth. On February 18th DappRadar reported that Binance Smart Chain had overtaken Ethereum for the first time as it has a trading volume of more than $29 billion.
Recently several BSC dapps have shown impressive growth. The biggest contributors in January 2021 were two DeFi dapps: PancakeSwap and Venus. These generated $1 billion and $14 billion respectively of the total transaction volume of $15 billion in January 2021.