LINKSWAP hits $20M value locked as new ‘farmers’ boost YFL price outlook

CoinTelegraph

LINKSWAP, a decentralized exchange (DEX) on Ethereum (ETH) has become the eighth-largest DEX by total value locked (TVL) on Dec. 14, a week after its launch. YFL, the governance token of the DEX, has also started to recover in the past week.

1-hour price chart of YFL. Source: Uniswap.Vision

There are several key reasons behind the growing momentum of LINKSWAP: staking, highly-anticipated launch, the uptrend of Ethereum, and the decentralized finance (DEFI) market’s overall recovery.

How To Get Free Crypto  

20% of total YFL supply staked in Governance Vault

According to the YFLink team, over 10,000 YFL have been staked in the Governance Vault. Data from CoinGecko shows YFL has a total supply of 52,000, so approximately 20% of the entire supply is staked in the vault.

As LINKSWAP launched, a whale known as “0X_B1” donated 1,200 YFL for rewards, which are currently being farmed by stakers.

The high level of engagement in LINKSWAP’s staking pools is optimistic for two reasons. First, it shows confidence from yield farmers in the prospect of YFL. Second, it causes the supply of the token to become concentrated in the short term.

LINKSWAP launch on Ethereum was long-awaited

The launch of LINKSWAP has been delayed several times throughout November. Hence, its launch in December was highly anticipated by the users.

Coinbase Banner  

Although it is yet to be listed on Defipulse.com, LINKSWAP’s $20 million TVL makes it the eighth-largest behind CREAM. Considering that the DEX launched on Dec. 5, the growth in the TVL has been substantial compared to other early-stage DEXs.

By Dec. 7, the combined liquidity for YFL/ETH and YFL/LINK on LINKSWAP surpassed Uniswap. By Dec. 10, LINKSWAP already achieved $10 million in TVL.

Ethereum DEX competition heating up: Uniswap, SushiSwap, Dodo, LINKSWAP

The competition in the EthDEX market is beginning to heat up. The market is currently dominated by Uniswap and SushiSwap, which handle about $233 million and $36 million in daily volume, respectively.

LINKSWAP is one of the newly-emerging DEXes alongside platforms like Dodo. The main feature of LINKSWAP is RugLock, which prevents creators of token contracts on the DEX from “rug pulling” or exit scamming.

FreeBitcoin Banner  

Dodo, on the other hand, employs single-sided liquidity provision. On Uniswap, users have to deposit both sides of a trading pair to participate in a liquidity provision. On Dodo, only one is needed, which theoretically can minimize slippage.

Uniswap, SushiSwap, LINKSWAP, and Dodo all have unique standout features that make them compelling to DeFi users. For now, however, the biggest advantage of Uniswap and SushiSwap is their liquidity and their high volume, making it difficult for newcomer DEXs to compete for market share.

One positive metric is that the general usage of DEXs has increased throughout the past year, based on data from Glassnode. Since October, the TVL on DEXs has risen from $20 million to $4 billion. This expands the room for competition within the DEX market in the medium to long term.

Go to Source
Author: Joseph Young


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.