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HomeCrypto NewsMarketTotal Value Locked (TVL) on BabyDoge Swap Surpasses $18 Million in 4...

Total Value Locked (TVL) on BabyDoge Swap Surpasses $18 Million in 4 Days

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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.

 

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. 

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.

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Lele Jima
Lele Jima
Lele Jima is a cryptocurrency enthusiast and journalist who is focused on educating people about how the nascent asset class is transforming the world. Aside from cryptocurrency-related activities, Jima is a lover of sports and music.

Disclaimer: The content is for informational purposes only, may include the author's personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

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