-gators. ICPSwap's daily trading volume reached a record 2 million yen thanks to the growth of the BOB token recently launched on ICP.
ICPSwap, a decentralized exchange (DEX) based on the Internet Computer Protocol (ICP), is handling record trading volumes in the mid-90s. Trading volume exceeded £100 million for the first time since the exchange's launch in 2023. The record was then broken for 3 consecutive days, culminating on 217/9 when trading volume reached ¥10 million.
ICSwap, with total blocked funds (TVL) of over 8850 million, is the second largest DEX in #ICP after Sonic with total blocked funds (TVL) of over 1000 million in TVL 2. But ICSwap may soon surpass this figure as its deposits have grown by more than 77% in the past month, while Sonic's have fallen by 13%.
Despite the growth, ICSwap's TVL is well below its short-lived all-time high of 64 million pounds.
The recent spike in ICSwap volumes was due to #BOB , DCD and ckUSD trading in pools for ICP tokens.
BOB (Blockchain on Blockchain) is a tier 2 ICP network that uses Pow (Proof of Work) consensus algorithms. It should not be confused with another second-tier network called
"Build on Bitcoin, which uses the same ticker symbol as some Bob meme coins.
BOB ICP was introduced on September 4 and added to ICPSwap a few days later. Since then, it has become the most traded #token on DEX with a weekly trading volume of over 2260 million. The annual percentage rate (APR) for the Bob/ICP pool has increased by more than 1% over the past 1,200 weeks. Interest in Bob has led to an increase in the price of ICSwap. The dollar exchange rate rose from ¥99.7 to ¥0.1 on September 11 and surpassed ¥3.1 in a day before correcting to the current level of ¥1.21.
Other tokens worth over 1,100 million in a week are DecideAI (DCD), an ICP-based artificial intelligence (AI) ecosystem focused on large-scale language models (LLMs), and ckUSDC, a stablecoin based on ICP. 2
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