BonkSwap DEX Reached 150K In TVL In Only 2 Hours Of Launching
- The developers of Bonk Inu have launched the first decentralized exchange, BonkSwap.
- The DEX will employ Solana smart contracts to exchange SOL, BONK, and stablecoins.
- It wants to offer further functionality in the next months.
One of the first big releases for the popular coin, Bonk Inu developers, published the protocol’s native decentralized exchange (DEX) called BonkSwap.
The DEX will leverage Solana smart contracts and will enable users to exchange Solana (SOL), Bonk Inu (BONK), and stablecoins. The 80% of BonkSwap fees will be utilized to compensate liquidity providers and locked stakeholders of Bonk and BonkSwap LP holdings, which will most likely accumulate value for Bonk holders.
The DEX will integrate incredible, rewarding Bonk-powered games in the coming months, add innovative trading features like options, perpetual futures powered by Hxro, a distributed liquidity layer for derivatives trading and betting applications, and expand liquidity to make trading Bonk easier than trading any other tokens in Solana.
BonkSwap wants to bring in a new era of decentralized community exchanges. Initially, the BonkSwap DEX will only serve customers seeking to exchange BONK for other basic SPL tokens. To begin, customers dealing between USDC-USDT, BONK-USDC, and BONK-SOL will be serviced by the principal pools hosted on BonkSwap.
Participants in the DEX will be able to offer liquidity to these pools at launch, earning a percentage of any fees generated by related users switching between the pool’s relevant tokens.
Notably, just 2 hours after its launch, BonkSwap has recorded its total value locked (TVL) level up to $150,000. This is an impressive start to the product of Bonk, a competitor to Dogecoin, the popular meme coin backed by Elon Musk.
The DEX will strive to launch more pools serving the most in-demand tokens throughout the Solana ecosystem as the platform draws new users and overall platform liquidity rises.
In January of this year, Solana, after the crisis related to FTX and Alameda, caused the token to plummet in price. Bonk was one of the driving forces that helped SOL regain its position at that time, seeing a growth of more than 45% in a week. BONK is more impressive, with an increase of more than %1000.
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