This is why DinoSwap (DINO) TVL rose by more than $330 million a week after its release

Decentralized finance (DeFi) is still one of the fastest growing sub-sectors in the cryptocurrency ecosystem. Newly launched platform Companies that want to expand their user base and attract liquidity usually offer high-interest equity pools in the first few weeks after launch.

Since the launch of Agriculture, a new project that has steadily increased in terms of user growth and total value lock (TVL) is DinoSwap (DINO), a cross-chain protocol based on the Polygon network, which can be used with PancakeSwap and other automated market makers, etc. Companies compete.

DINO/USD 1-hour chart. source: Coin Tiger

Data from CoinGecko shows that the transaction price of DINO at the time of release was as high as $4.28, and the unexpected flash crash on July 25 pushed the price to $2.30. Since then, the price has rebounded to more than $3.

related: Does the DeFi industry absorb commercial banks? Siam bets on 110 million USD fund

VC support makes users more confident

The success of DeFi is a boon for the crypto ecosystem, but its rapid rise has also brought many scam projects and carpet pulls, such as Polywhale Finance. Before the project developers, Polywhale Finance is the leading income farm on the Polygon network. Executed the “soft carpet. “

Unlike an anonymous developer’s project, DinoSwap has received more than $4.7 million in funding from venture capital funds, which may boost the confidence of investors who are afraid of being taken away.

This helps to provide momentum before the official launch emission According to data from DeFi Llama, the DinoSwap agreement was launched on July 17, and by July 18, the agreement quickly accumulated a total locked value of more than $300 million.

The total value of DinoSwap has been locked. source: Llama

Income opportunities attract deposits

The rapid growth of TVL on the platform is largely due to the attractive revenue opportunities provided by the agreement.

Users can deposit liquidity provider tokens into the “fossil farm” part of the agreement, which provides rewards ranging from 14.39% for the USDT-USDC pair to 901% for the DINO-USDC pair.

The “Extinction Pool” part of the agreement allows users to directly pledge more and more personal tokens, including DINO and Avegoc (GHST) The rate of return is between 79% and 641%.

DinoSwap also allows users to time-lock their DINO tokens in the “tar pit”, which provides a higher reward for long-term lock-in.

Regular destruction of DINO tokens is also a standard practice, which can be used to help maintain the value of native tokens and bring a higher level of stability to the ecosystem.

According to the last time the DinoSwap team asked me any questions, Upcoming plans The roadmap of the project includes improvements to DinoSwap AMM, multi-chain bridges, and the addition of gamification products and governance functions.

As Bitcoin prices scramble to turn the $40,000 level back to support and altcoins show double-digit gains, DinoSwap may become one of the largest AMMs on the Polygon network. If DeFi tokens run again in the next quarter, DINO prices may rise, especially if new mortgage pairs are offered in the near future.

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