With the inclusion of staked tokens, BabyDogeSwap’s TVL is currently 118% higher than ShibaSwap’s.
BabyDogeSwap, the native decentralized exchange (DEX) of the BabyDoge project, has surpassed Shiba Inu’s DEX ShibaSwap in total value locked (TVL). The development underscores the BabyDoge community’s tireless efforts to foster adoption for the project.
The official BabyDoge Twitter account first called attention to the remarkable feat of comparing decentralized exchanges. Data from DefiLlama revealed that BabyDogeSwap had a massive $87.34 million in TVL (with the inclusion of staked tokens), much higher than ShibaSwap’s TVL of $34.47 million.
Comparison of https://t.co/UAopqn3UhR Vs #ShibSwap $Shib #BabyDoge pic.twitter.com/ExHXHaQQaP
— BabyDogeSwap.com LIVE (@BabyDogeCoin) February 16, 2023
These figures have changed since the disclosure, but BabyDogeSwap remains on top. Recent data suggest that ShibaSwap currently has a TVL of $35.58 million, a slight increase from the previous figure. Meanwhile, BabyDogeSwap currently boasts a $77.55 million TVL, 118% higher than ShibaSwap’s current value.
It bears mentioning that BabyDogeSwap’s TVL also involves the project’s staked tokens which amount to a whopping $17.96 million. Notwithstanding, even with the exclusion of staked tokens, BabyDogeSwap remains ahead of ShibaSwap, with an adjusted TVL of $59.75 million.
Moreover, data from DappRadar reveals BabyDogeSwap’s progressive increase in dApp rankings. The exchange is currently ranked 138th out of 13,558 dApps assessed by DappRadar. It also secures the 38th position of most prominent DeFi apps out of 3,068. The project’s unique active wallets (UAW) have also increased by 186% in the past month.
Meanwhile, DefiLlama charts on both exchanges’ TVLs indicate a massive decline in ShibaSwap’s TVL since July 2021. Conversely, a progressive increase in BabyDogeSwap’s TVL can be observed since the exchange’s launch last October.
Recall that ShibaSwap also registered a similar upsurge shortly after its launch on July 6, 2021. Starting with a TVL of $662 million on its launch date, ShibaSwap’s value skyrocketed by over 165% to a peak of $1.76 billion on July 14 before declining. The current value of $35.58 million represents a 98% decline from the $1.76 billion peak.