Bitcoin News and Finance
Shibaswap Dex Captures $1.5 Billion Locked in 2 Days, SHIB Platform Bumps ETH Fees Higher Skip to main content

Shibaswap Dex Captures $1.5 Billion Locked in 2 Days, SHIB Platform Bumps ETH Fees Higher

Shibaswap Dex Captures $1.5 Billion Locked in 2 Days, SHIB Platform Bumps ETH Fees Higher

The crypto asset shiba inu (SHIB) now has a decentralized exchange (dex) platform called Shibaswap and since the trading protocol’s launch, the dex has $1.55 billion total value locked (TVL). The SHIB-fueled dex has a lot more liquidity than most platforms today as Shibaswap has been catching up to popular dex platforms like Pancakeswap and Sushiswap.

Shibaswap Dex Gathers Significant Liquidity in 48 Hours

Shiba inu has a leg up over dogecoin and baby doge this week as the meme-based crypto asset has launched a dex platform called Shibaswap. The dex Shibaswap is similar to dex applications like Uniswap, Sushiswap, and Pancakeswap the dex that leverages the Binance Smart Chain.

During the first 24 hours, Shibaswap gathered more than $1 billion TVL and on Thursday, the TVL jumped to $1.55 billion. SHIB stats show that on Thursday, SHIB is down 5.9% according to Coingecko and SHIB lost 7.9% during the last seven days.

Shibaswap Dex Captures $1.5 Billion Locked in 2 Days, SHIB Platform Bumps ETH Fees Higher

However, two-week stats show SHIB has increased by 18.8% and 30-day data shows SHIB is up 6.2%. Currently, shiba inu (SHIB) is swapping for $0.00000813 per token which means a dollar’s worth of SHIB is roughly 123,065 tokens using today’s exchange rates.

The developers behind the crypto asset shiba inu (SHIB) have also created other SHIB-related assets like leash ($2,049) and bone ($8.04). The leash and bone tokens are leveraged for different reasons. Bone for instance is given to Shibaswap liquidity providers.

Shiba inu’s leash token was meant to be a rebase token pegged to the price of dogecoin (DOGE), however, the token has been “unleashed” and does not rebase. The circulating supply of leash (LEASH) is only 100,000 tokens which is a stark contrast to SHIB’s 497 trillion supply currently in circulation.

The Shibaswap contract, the SHIB token and Shiba migrator all pressed ether fees higher on Tuesday. ETH fees have remained higher since the Shibaswap launch.

As far as TVL is concerned, Shibaswap is just below Sushiswap’s $2.72 billion TVL but above Bancor’s $1.22 billion and Balancer’s $697 million TVL. Shibaswap’s launch was also attributed to Ethereum network fees jumping from a low average of around $3 per transaction a few days before launch to $6.72 per transaction on July 7, 2021.

The director of research at the Block Crypto, Larry Cermak tweeted about Shibaswap and fees on July 6. “Gas is near 100 again as Shibaswap starts taking off and spamming Ethereum’s blocks. We live in a clown world,” Cermak wrote.

What do you think about Shibaswap’s launch increasing ether fees and the $1.5 billion TVL the dex currently holds? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory