Sailor, a decentralized exchange on Sei, has reached the $10 million total value locked (TVL) milestone one month after its launch, making it the fastest-growing dapp on the network.
Sailor is a Uniswap v3 fork on Sei. It is currently the third-largest DEX on Sei after Dragon Swap and Jellyverse.
The platform operates as a classic automated market maker (AMM), hosting multiple pools consisting of token pairs. Tokens with the largest TVL share include Wrapped Bitcoin (WBTC), USDC, and Wrapped SEI (WSEI).
The largest pools on Sailor are USDC-SEI with over $4 million in TVL, and WBTC-SEI, with nearly $3 million.
Trading volume on Sailor is increasing and reached nearly $10 million on Thursday, joining the top 50 DEXs by volume, surpassing both Dragon Swap and Jellyverse.
Sei is a Cosmos-based layer 1 blockchain built for speed and scalability. It was designed to support dapps that facilitate decentralized trading and NFT marketplaces. The network launched at the end of 2023 and currently has over $205 million in TVL.
Since it focuses on delivering a premium trading experience, the majority of its approximately 40 dapps are DEXs and derivatives trading platforms. Sailor is the latest DEX on Sei, and it has managed to outperform its direct competitors and dominate trading volume.
Elsewhere, Dragon Swap and Jellyverse are down over 20% over the month despite their recent recovery. Dragon is the largest DEX with $22 million in TVL, and Jellyverse comes next with nearly $18 million.
Despite the rapid growth in TVL, the number of daily active users on Sailor is very low at 25. These wallets carry out over 5,000 transactions per day.
Dragon and Jellyverse have over 50 daily active addresses, but Jellyverse’s daily transaction count is very low at 80.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
Credit: Source link
