ShibaSwap’s Total Value Locked Surpasses US$1-Billion within 24-Hours after Launch
Shiba Inu community was elated with the launch of a newly created swap interface for Shiba Inu (SHIB) token holders called ShibaSwap. SHIB shot to prominence when Vitalik Buterin, the creator of Ethereum, donated over US$1-billion worth of Shiba Inu coins to the India Covid relief fund. Though many analysts believed that this meme-based coin will fade away, Shiba Inu emerged as a growing project. It now comes with its own DAO structure, yield farm, and swap interface.
The launch of ShibaSwap led to a significant rise in gas costs. This is major news for the Ethereum network because the ETH gas fee was hovering near unprecedented lows since the Berlin upgrade. This significant uptick in Ethereum gas fees following ShibaSwap’s launch was highlighted by Joe McCann, a popular cryptocurrency Twitter trader.
The three contract addresses identified as gas-guzzling by McCann still adorn the top-10 list of gas guzzlers still now. In the last 3-hours, the Shiba migrator ranks 3rd in terms of fees generated. The Uniswap V2 address is the only other contract that generated more Ethereum fees in the last 24-hours. In fact, the Shiba Inu-related contract addresses identified as gas-guzzling by McCann generated total fees of over US$1.7 million in the last 24-hours.
In just 1-day after ShibaSwap’s launch, the total value locked (TVL) on the platform has increased above US$1 billion. This shows strong support for ShibaSwap. As per Defi Llama data, in terms of total value locked, this newly released interface now ranks in the top 30. At press time, ShibaSwap project held more value than other projects including Quickswap (QUICK) and Mdex (MDX).
The launch of ShibaSwap on July 6, 2021, led to a 14% rise in the price of Shiba Inu (SHIB). However, the current price of SHIB is US$0.00000867, which is around 78% below US$0.0000388, its all-time-high (ATH).