Trending Post

$1 billion passed on ShibaSwap, Shiba Inu’s (SHIB) DEX platform

Shiba Inu’s (SHIB) decentralized exchange, ShibaSwap, completed its first day with significant success. Launched yesterday, the platform left behind $1 billion in total assets locked in 24 hours. The figure reached 1 billion 340 million dollars as of 23.00 TSI.

ShibaSwap is a platform where users can trade their tokens , provide liquidity or earn rewards by staking . The project is part of the Shiba Inu ecosystem. Shiba Inu, another similar token that exploded after the massive price rally in Dogecoin, became one of the top 20 cryptocurrencies in May, and in June, Coinbase took a step towards listing.

While ShibaSwap has exceeded $1 billion in a short time, the locked value of all DeFi protocols is over $57 billion. Here, Aave takes the first place with 11 billion dollars, followed by Curve with 8.4 billion dollars. Uniswap has a locked value of $5.7 billion, while SushiSwap has a locked value of $2.9 billion.

On the other hand, Yearn Finance developer Banteg warned yesterday that the project is vulnerable to a ‘rug pull’ attack where all locked money could be stolen. To address these concerns, the Shiba Inu team reportedly plans to implement a ‘time lock’ function that will prevent a quick rug pull.

Write a Comment