ICPSwap, a decentralized exchange (DEX) on the Internet Computer Protocol (ICP), is processing record transaction volumes in mid-September. On September 7, trading volume surpassed the $1 million mark for the first time since its 2023 launch. Eventually, the record was broken for three consecutive days, culminating on September 10, when volumes reached $2.17 million.
With over $8.5 million in total value locked (TVL), ICSwap is the second-largest DEX on ICP after Sonic, which has over $10 million in TVL. However, ICSwap is likely to surpass it soon, as its deposits have grown by over 77% in the past month, while Sonic’s have declined by 13%.
Despite the increase, ICSwap’s TVL remains way below its short-lived all-time high of $64 million.
The recent surge in ICSwap volume has been driven by BOB, DCD, and ckUSD, all of which are traded in pools against the ICP token.
BOB (Blockchain-on-Blockchain) is a layer 2 network on the ICP that uses a Proof of Work (PoW) consensus algorithm. It shouldn’t be confused with several BOB meme coins and another layer 2 called ‘Build on Bitcoin,’ all of which use the same ticker.
ICP’s BOB was introduced on September 4, and a few days later it was added to ICPSwap. Since then, it has become the most traded token on the DEX, with weekly volume at over $2.6 million. The BOB/ICP pool’s annual percentage rate (APR) has surged by over 1,200% over the past week. The interest in BOB has fueled its price on ICSwap. BOB soared from $0.1 on September 7 to over $3.1 on September 11 before correcting to the current level of $1.21.
The two other tokens with weekly volumes exceeding $1 million are DecideAI (DCD), an ICP-based artificial intelligence (AI) ecosystem focused on Large Language Models (LLMs), and ckUSDC, a stablecoin on ICP.
ICP is a public blockchain network aiming to replace the traditional IT stack and rethink the Internet. Its native coin has a market cap of almost $4 billion.
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