QuipuSwap, an automated market-making (AMM) decentralized exchange on the Tezos blockchain is growing in popularity. The open-source protocol provides an interface for the exchange of Tezos-based tokens and liquidity providers can earn from swap fees and bakers rewards. As a result, QuipuSwap has seen an almost 60% increase in unique active wallets week on week helping them reach over $20 million in total value locked.
According to DappRadar data, the 3-month old DeFi platform has seen a surge in active wallets of 59.6% taking them to 1,460 in the last 7 days. These active wallets completed just over 9,000 transactions driving $4.26 million in value through the Tezos finance app.
Interestingly DappRadar integrated Tezos dapps on the 20th June 2021 and a few days later we started to observe an increase in active wallets and transactions. Arguably, we can call it the DappRadar effect as hundreds of thousands of DappRadar users saw for the first time the Tezos dapp ecosystem and were seemingly intrigued. Usually, when a DeFi dapp surges it is due to a new feature, farm, or yield opportunity. In this case, it’s simply people discovering something new.
Tezos DeFi Growing Quickly
In the last 24 hours, the top 5 dapps on Tezos have all shown considerable growth. Importantly 4 of those are DeFi applications, the other an NFT marketplace. Admittedly, the numbers are still small when compared to rivals on Ethereum, Polygon, and BSC but the early indicators are that DeFi on Tezos is set to expand quickly. Notably Wrap, a platform where users can issue wTokens (wrapped tokens) which are representations of Ethereum based ERC20 and ERC721 tokens on the Tezos blockchain. An almost 29% increase in active wallets shows that users are wrapping up their tokens and taking them into the Tezos DeFi ecosystem.
What is QuipuSwap?
QuipuSwap is basically Tezos’s version of the Ethereum DEX Uniswap. It’s an open-source protocol that provides an interface for the exchange of Tezos-based tokens and XTZ. Liquidity providers earn from both the swap fees and bakers rewards. The solution is driven by principles of security, decentralization, and scalability and serves both as a standalone project and a tool for future solutions developed on the Tezos blockchain.
Interestingly, the platform also has a send feature that allows users to send tokens to other wallets. Furthermore, in order to provide a better user experience and to achieve the greatest flexibility, the system design envisages the ability to exchange tokens of different standards. For more detailed information, contracts, and deeper learning please check the QuipuSwaps docs page.
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