Just Two Weeks After Launch
TORTOLA, British Virgin Islands, Aug. 06, 2021 (GLOBE NEWSWIRE) — Currently, DinoSwap has surpassed $500M in TVL and continues to grow, showing no signs of slowing down. This new retail farming phenomenon on the Polygon Network called DinoSwap has yield farmers and crypto projects coming in droves, shooting the Total Value Locked (TVL) past $500M. DinoSwap is conceptually similar to PancakeSwap which is the top farming aggregator in DeFi.
DinoSwap had a notable launch with support from leading DeFi funds such as DeFiance, Hashed, Spartan Group, and DFG who contributed to a $4.7M raise. Sandeep Nailwal, the co-founder of Polygon, also invested in DinoSwap as an angel investor, along with notable names such as Terra Founder Do Kwon, and the founder of SushiSwap. The Harmony Blockchain team provided DinoSwap with a development grant, likely indicating a future asset bridge and farming integration.
After a week, the current Total Value Locked (TVL) of DinoSwap at the time of writing exceeds $500M, representing one of the quickest accumulation of assets in the DeFi space.
DinoSwap is conceptually similar to PancakeSwap by offering farming pools, and single asset staking pools referred to as “Jurassic Pools” which are similar to PancakeSwap’s “Syrup Pools”. DinoSwap is allowing users to use the DINO token to earn various tokens of projects operating on top of Polygon. Interestingly, DinoSwap has made it clear that Polygon is merely their first stop among multiple blockchains they intend to integrate with.
DINO token staking pools, and unique gamification opportunities such as the “Extinction Pools”.
DINO token utility allows various other token projects to increase their liquidity on Polygon. Projects such as Aavegotchi, Chain Guardians, Benchmark Protocol, Bella Network, DFYN, and more have substantially increased their token liquidity by launching “Fossil Farms” on DinoSwap. Polygon is the home of farming across all of DeFi given the expensive transaction costs found on Ethereum.
DinoSwap has successfully completed three Certik smart contract audits and has received a “low risk” rating from the rug doctor. DinoSwap is already the 7th most popular dApp on Polygon in less than 2 weeks from its official launch. DefiLlama has announced it is now tracking DinoSwap analytics, ranking it as the 6th largest platform on Polygon in terms of TVL.
A recent AMA held by the DinoSwap team revealed that they are working on an AMM (decentralized exchange), Multi-chain Bridge, Non-burn DINO staking pool, “Tar Pits” with enhanced returns, Gamification Products, and most importantly Governance Integration. These roadmap items have been well received by the DinoSwap community, adding significant utility to the native project token.
“The Hashed team believes the Polygon ecosystem’s fast-paced growth will sustain over the long term and that DinoSwap’s positioning as the go-to farming pool within the Polygon market is unique,” the Hashed team said. DinoSwap has announced that they are providing liquidity to the core DINO token pair.