Just a day after the launch of the ShibaSwap decentralized exchange, liquidity on the site reached $ 1 billion, and after another 24 hours the volume of blocked funds on the exchange exceeded $ 1.5 billion.
The main token on ShibaSwap is SHIBA INU (SHIB), another “meme cryptocurrency” launched amid the success of Dogecoin. At the same time, the exchange also has its own token called BONE. Users can earn BONE tokens in the profitable farming program by blocking SHIB or LEASH tokens.
Interestingly, the launch of ShibaSwap led to a noticeable increase in the number of transactions on the Ethereum network and, accordingly, to an increase in fees. If on July 4, 1,105,000 transactions were carried out in the network of the second cryptocurrency, then on July 6th this figure rose to 1,355,000. Later, the indicator returned to average values.
Recall that in mid-May, Vitalik Buterin, one of the founders of Ethereum, burned 90% of his SHIBA INU tokens – 410 trillion SHIB worth $ 7.4 billion was destroyed. After that, the token rate increased by 40%.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
