A list of the top five Core-based DEXes by TVL, according to DefiLlama: LFGSwap, ShadowSwap, IceCreamSwap, ArcherSwap, and CoreSwap.
Top Decentralized Exchanges on Core Chain
Since launching the mainnet on January 14, numerous protocols have started building on Core DAO’s Layer-1 blockchain. The promising network offers builders a secure, scalable, and decentralized ecosystem backed by the Satoshi Plus Consensus mechanism.
The network is still in its early stage and has produced some innovative projects, particularly Decentralized Exchanges (DEX). However, Core DAO has launched a bounty campaign tailored to attract different types of decentralized projects, including GameFi builders, into its ecosystem.
While we anticipate the influx of several ecosystems, we will explore the Core DAO DEX space, identifying the top protocols making big moves in the industry. Most recently, the leading DeFi aggregator, DefiLlama, integrated the Core network into its ecosystem, allowing users to track Core protocols. With this in mind, BSC News will utilize DefiLlama’s data to identify the top five Core-based DEX:
LFGSwap is the leading DEX on the Core chain. The protocol has a Total Value Locked (TVL) of over $5,000,000. LFGSwap is backed by its native $LFG token, allowing users to earn passive income through reward-making innovations like farming and staking.
Apart from the DEX features, the LFGSwap ecosystem comprises a Non-Fungible Token (NFT) marketplace, an Initial DEX Offering (IDO) Launchpad for farms, and its native NFT collection (Wolf of Wall Street).
The protocol recently launched its Wall Street staking product, enabling users to stake $LFG and earn $LFG in higher Annual Percentage Rates (APR) at low risk.
ShadowSwap is the second DEX on Core DAO by TVL. The protocol has a TVL of more than $3,800,000. ShadowSwap is based on Automated Market Makers (AMM) and is backed by its $SHDW token.
The protocol has an elaborate ecosystem comprising the ShadowPad launchpad, Shadow Puppets NFTs, and more. Further, the DEX will launch other products, including an NFT DEX, in the future.
BSC News reported the protocol’s first Initial Farming Offering (IFO) with Crest Protocol on March 8, which was a huge success. According to the DEX’s tweet moments after launch, over 20,000 users participated with 1000%+ stakings.
IcecreamSwap DEX is a multi-chain platform supporting the Core chain with a TVL above $574,000 on the L1 blockchain. Before joining the Core ecosystem, the protocol entered the blockchain industry, offering the first swapping service on the Bitgert (Brise) network.
Most recently, the DEX launched its first $ICE Core staking pool. $ICE is IcecreamSwap’s native asset. Users can stake $ICE and earn FSXM from FlashXMax on the Core mainnet.
ArcherSwap is another DEX on Core that has recently caught the eye. Although the protocol’s TVL is yet to reach the $50,000 mark, its rapid progress is one to watch. Since launching in March, The DEX’s TVL has increased by over 90,000% in the last seven days.
ArcherSwap offers users traditional DEX features, including a launchpad (Bowpad), and an innovative Multisender product, which allows users to send Core-based tokens to multiple recipients.
The protocol is currently preparing to launch its native $BOW token shortly. The IDO will go live on March 13 at 12 PM UTC via the Bowpad.
CoreSwap is a DEX built on the Core chain, offering users typical decentralized services like swapping, farming, staking, and staking. The protocol has a TVL of less than $10,000, largely due to its small ecosystem.
Here are some of the protocol’s highlights:
According to DefiLlama, the Core DAO DEX ecosystem has a TVL of $9,178,918. However, the figure is down by 15% in the last seven days. With more protocols building on the network, BSC News expects the TVL to increase shortly. Moreover, the Core DAO S-Prize DeFi contest will largely affect the network’s TVL in the long run.
What is Core DAO:
Core DAO is the official decentralized organization developing the Satoshi Plus ecosystem. It represents an opportunity for miners to access new revenue streams by contributing hash power to the chain. Inspired by the principles of both blockchains, Core displays a deep appreciation for the crypto ecosystem’s history and an even greater excitement for Core’s role in its future.
Where to find Core DAO:
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.