Newly Launched ShibaSwap Scores Over $1.5B TVL in 2 Days

by in Cryptocurrency News

ShibaSwap TVL

Decentralized exchange ShibaSwap, launched on July 6, has scored $1.5 B total value locked (TVL) within 48 hours.

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The DEX comes from the Ethereum-based meme token Shiba Inu (SHIB).

ShibaSwap also presented a yield farming option that enables users to stake tokens and get rewards. So, by adding SHIB or LEASH tokens, users can get BONE, the in-built token of the DEX.

According to a published post by ShibaSwap's pseudonymous team member “Top Dog,” Shytoshi Kusama the max. supply of the BONE token is 250 Million units.

In 24 hours after going live the platform's TVL surpassed $1 B. Currently, the indicator is above $1.52 B.

The meme token SHIB was released in August 2020. Then the team sent 50% of the overall supply to Ethereum co-founder Vitalik Buterin. However, this May Buterin decided to sell a major amount of his SHIBs and direct the amount to different contribution funds.

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Currently, SHIB trades at around $0.000007938. It ranks 29 with a market cap of over $3.1 B.