Merchant Moe, a decentralized exchange (DEX) on the Mantle chain, registered record trading volumes on August 5, according to data from DefiLlama. Last Monday, daily volumes rose to nearly $58 million. This is the highest daily volume figure among all DEXs on Mantle.
The increase in volume has been driven by Moe’s liquidity book, the automated market maker (AMM) infrastructure that powers swaps, which was introduced in April of this year, about one month after the DEX launch.
While daily trading volume on the classic AMM pools has been declining, transactions on liquidity book pools totaled over $52 million on Monday.
Moe’s liquidity book borrows the technology from Trader Joe, the leading DEX platform for Avalanche. It is meant to reduce slippage and boost capital efficiency.
The total value locked (TVL) in Merchant Moe’s pools is currently at $91 million, down from the record high of $104 million registered on July 26. The liquidity book pools account for over 60% of it, with $56 million. However, its share has declined this week due to record liquidity outflows on August 8, with more than $21 million worth of tokens leaving the platform. USDT accounts for about 90% of today’s record outflows.
Mantle is a layer 2 solution for Ethereum. The network’s TVL peaked at the end of July at over $636 million. On Tuesday, August 6, daily transactions exceeded the 800,000 mark to hit the highest level since mid-January.
Merchant Moe is the second-largest decentralized finance (DeFi) app and DEX on Mantle after Agni Finance in terms of TVL. However, on Monday, Moe outperformed Agni by trading volume even though the latter also registered record volumes at $49 million. In total, volume across all Mantle DEXs reached a new daily record of $149.1 million on that day, about 50% higher than previous highs.
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