Less than a week after its debut, Baby Doge Swap has hit a new milestone.
According to data from the decentralized exchange, the total value locked (TVL) on Baby Doge Swap recently surpassed $18 million. At press time, Baby Doge Swap’s TVL is currently worth $18,287,096 ($18.28 million).
The development was also announced on Baby Doge Swap’s official Twitter account.
We just passed $18m TVL on https://t.co/UAopqnkXjR ?? pic.twitter.com/VEcIrPYVAH
— BabyDogeSwap.com LIVE (@BabyDogeCoin) October 10, 2022
Baby Doge Swap is a decentralized exchange launched last week to increase the project’s use case. The DEX is built on the Binance Smart Chain, making it simple for users to perform token swaps for all BSC-based tokens, including Binance Coin (BNB) and the project’s native cryptocurrency, BabyDoge.
Baby Doge Swap also offers yield farming on BUSD/USDT pairs, with users entitled to receive up to 6,000% APY rewards for providing liquidity. However, the APY rewards are expected to be reduced as more liquidity providers use the service.
The DEX was audited by leading cryptocurrency security firm CERTIK as part of efforts to keep users safe from malefactors. Since Baby Doge Swap was developed to make token swaps and yield farming to be cheap and fast, the team ensured that users would pay meager fees when using the platform.
Team to Burn BabyDoge Using DEX’s Fees
Despite charging low fees for transactions on the platform, BabyDoge still chose to allocate a portion of transaction fees to buy and burn Baby DogeCoin.Â
There have been calls by the community to reduce the total supply of BabyDoge to boost the price of the cryptocurrency. BabyDoge has a total supply of 420 quadrillion tokens, with a circulating supply of 160.9 quadrillions. The community believes the whopping amount of BabyDoge total supply negatively affects the token’s price, hence the need to burn some of it.
In July, the Baby Doge Coin performed the biggest burn by incinerating 50 quadrillion cryptocurrency units, worth around $88 million.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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