Shiba Inu’s(SHIB) newly launched decentralized exchange(DEX) ShibaSwap is off to a flying start, with more than $1.5 billion total value locked(TVL) in less than 48 hours. Like its counterparts Sushiswap, Uniswap, and PancakeSwap, the DEX portal takes advantage of the Binance Smart Chain for cross-chain compatibility and affordability.
Created by the developers behind Shiba Inu, ShibaSwap gives its users the ability to provide liquidity, stake assets, and swap tokens. Its yield farming program has received considerable attention for allowing SHIB enthusiasts to earn from their stakings in the Shiba Inu ecosystem. According to the project’s pseudonymous head, Shytoshi Kusama, users can earn BONE tokens by staking either LEASH or SHIB.
Within the first 24 hours of its launch, ShibaSwap had captured more than $1 billion in locked assets. Furthermore, the TVL jumped by more than $500 million on the next day, which brought the value of locked assets to $1.55 billion in less than two days.
The ShibaSwap launch and the subsequent user influx on the platform helped Ethereum gas fees skyrocket in the past 48 hours. This is especially noteworthy since transaction costs on the platform had reached unprecedented lows following the Berlin upgrade.
As per crypto trader Joe McCann, three projects related to the Shiba Inu ecosystem were trending in the top ten gas guzzlers on the Etherscan.
Shiba Inu, a Dogecoin-inspired project, joined the list of meme currencies in August 2020 and gained prominence in crypto circles in May this year. Ever since the project has attracted attention from both serious and pump-and-dump investors, leading to speculations around its viability.
The project suffered a severe blow after Ethereum co-founder Vitalik Buterin, burnt his massive SHIB holdings worth $6.7 billion, which crashed the token’s price by roughly 40%. At that point, Buterin, who received the tokens as a gift, was accused of dumping the asset and hurting its investors.
Nevertheless, the SHIBArmy continued to rally around the project. Now, with help from SHIB developers, the token’s advocates have serious talking points to leverage in their arguments against the skeptics.