Traction towards ShibaSwap has grown remarkably in the past seven days, with changes in trading volume outpacing those of high-caliber decentralized exchanges.
ShibaSwap, the Shiba Inu ecosystem’s decentralized exchange, has recorded impressive numbers in the past seven days, spurred by remarkable user adoption. Key metrics of the trading platform, including volume and total value locked, have improved drastically lately.
Data from DefiLlama shows outstanding growth in trading volume on ShibaSwap, outpacing major DEXs in the past seven days. The meteoric surge in adoption has placed the Shiba Inu-based exchange among the best-performing DEX platforms.
ShibaSwap Adoption Surges
Per the data, ShibaSwap recorded a 244% growth in trading volume last week, a testament to increased usage among DEX users. This upsurge took the 7-day volume to $10.09 million, up from around $2.93 million the previous week.
Meanwhile, the remarkable weekly volume is ShibaSwap’s largest since mid-January, where it saw liquidity worth $12.56 million. The rekindled attraction toward the DEX reflects a broader interest in the Shiba Inu ecosystem amid growing bullishness.
With this impressive outing, ShibaSwap has now recorded a 30-day trading volume of $20.12 million and a cumulative value of $17.18 billion. Interestingly, ShibaSwap has a higher aggregated volume than prominent DEXs like PancakeSwap and Hashflow.
Explosive TVL and Liquidity Pools Growth
A February report shows that the total value locked (TVL) on the ShibaSwap stood at $2.97 million across 593 liquidity pools. However, today’s data shows explosive growth in the two metrics as users flock to the attractive features on the Shiba Inu ecosystem.
ShibaSwap’s official website shows that TVL has exploded to $67.94 million and liquidity pools to 1,097 in just over one month, indicating growing interest. This marks a staggering 2,187% surge in TVL and an 85% increase in pools from the previous data.
For context, catalysts for such an incredible appreciation include user attraction to new token listings, better yield for liquidity provision, and convenience in utilizing the platform. Notably, the Shiba Inu team recently announced a ShibaSwap upgrade, introducing features that make liquidity pool management seamless and provide a better user interface.
In general, the Shiba Inu ecosystem has flipped bullish, which is reflected in prices. Amid the bullishness, SHIB is up 13% in the past 24 hours to trade at $0.00001521, Bone ShibaSwap has rallied 16% to $0.4178, and Doge Killer (LEASH) is up 5% to $173.
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