ICPSwap, a decentralized exchange (DEX) on the Internet Computer Protocol (ICP), has achieved record transaction volumes in mid-September. On September 7, trading volume surpassed the $1 million mark for the first time since its 2023 launch. This record was broken for three consecutive days, peaking at $2.17 million on September 10.
With over $8.5 million in total value locked (TVL), ICPSwap is the second-largest DEX on ICP, trailing Sonic, which has over $10 million in TVL. However, ICPSwap is poised to surpass Sonic soon, as its deposits have grown by over 77% in the past month, while Sonicâs have declined by 13%.
The recent surge in ICPSwap volume has been driven by tokens such as BOB, DCD, and ckUSD, all traded in pools against the ICP token. BOB, a layer 2 network on ICP introduced on September 4, has become the most traded token on the DEX, with weekly volume exceeding $2.6 million. The BOB/ICP poolâs annual percentage rate (APR) surged by over 1,200% in the past week, fueling BOBâs price from $0.1 on September 7 to over $3.1 on September 11, before correcting to $1.21.
Other notable tokens include DecideAI (DCD), an AI ecosystem focused on Large Language Models (LLMs), and ckUSDC, a stablecoin on ICP, both with weekly volumes exceeding $1 million.
