Shibaswap Dex collects $ 1.5 billion in 2 days, SHIB platform raises ETH fees – markets and prices Bitcoin News

The crypto-asset Shiba Inu (SHIB) now has a decentralized exchange platform (Dex) called Shibaswap, and since the introduction of the trading protocol, the Dex has a total value of $ 1.55 billion (TVL). The SHIB-powered Dex has a lot more liquidity than most platforms today as Shibaswap has caught up with popular Dex platforms like Pancakeswap and Sushiswap.

Shibaswap Dex accumulates significant liquidity within 48 hours

Shiba Inu has a head start on Dogecoin and Baby Doge this week as the meme-based crypto-asset launched a Dex platform called Shibaswap. The Dex Shibaswap is similar to Dex applications such as Uniswap, Sushiswap and Pancakeswap, the Dex that uses the Binance Smart Chain.

During the first 24 hours, Shibaswap raised more than $ 1 billion in TVL and on Thursday the TVL jumped to $ 1.55 billion. SHIB statistics show that SHIB was down 5.9% on Thursday, according to Coingecko, and SHIB is down 7.9% in the past seven days.

Shibaswap Dex collects $ 1.5 billion in 2 days, SHIB platform raises ETH fees

However, two-week statistics show that SHIB increased by 18.8%, and 30-day data shows that SHIB increased by 6.2%. Currently, Shiba Inu (SHIB) is exchanging for $ 0.00000813 per token, which means that the value of one SHIB dollar at today’s exchange rates is approximately 123,065 tokens.

The developers behind the Shiba Inu (SHIB) crypto asset also created other SHIB-related assets such as Leash ($ 2,049) and Bone ($ 8.04). The leash and bone tokens are used for various reasons. For example, bone is given to Shibaswap liquidity providers.

The Shiba Inu leash token should be a rebase token linked to the price of Dogecoin (DOGE), but the token has been “unleashed” and will not be rebased. The circulating supply of leash (LEASH) is only 100,000 tokens, which is in stark contrast to the 497 trillion SHIB currently in circulation.

The Shibaswap contract, SHIB token, and Shiba migrator all increased ether fees on Tuesday. ETH fees have stayed higher since the introduction of Shibaswap.

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

Block Crypto’s director of research Larry Cermak tweeted about shibaswap and fees on July 6th. “Gas is close to 100 again when Shibaswap starts launching and spamming Ethereum’s blocks. We live in a clown world ”, Cermak wrote.

What do you think of the Shibaswap launch with soaring ether fees and the $ 1.5 billion TVL the Dex currently holds? Let us know what you think on this matter in the comments below.

Tags in this story

$ 1.5 billion, Balancer, Bancor, BONE, DEX, Dex platforms, ETH fees, Ethereum network fees, Larry Cermak, LEASH, Meme Coin, Meme Dex, Pancakeswap, Shib, Shiba Inu, Shibaswap, Sushiswap, TVL, Uniswap

Photo credits: Shutterstock, Pixabay, Wiki Commons, Shibaswap, Twitter,

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