Tokan Exchange, a Scroll-based decentralized exchange (DEX), has been steadily gaining traction since its recent launch in May. The platform’s total value locked (TVL) has reached a record high of $44.5 million, expanding by 60% in the past month alone.
Tokan is just $2 million away from surpassing DEXs like SaucerSwap or IDEX and joining the top 40 largest DEX platforms by TVL. Both of them have seen their TVL drop more than 24% over the last month. It is also $25 million away from surpassing Ambient and becoming the largest DEX on the Scroll network.
Scroll is an Ethereum layer 2 chain that uses zero-knowledge (zk) proof technology. DefiLlama data shows that its TVL has quadrupled over the last two months to the current level of $680 million. On July 29, its TVL reached a record $762 million.
L2Beat data shows that Scroll’s TVL, including the canonical and external TVL, is at over $1.17 billion, surpassing Ethereum layer 2 like Linea, zkSync Era, and Starknet, and coming close to overtaking Mantle.
Tokan is currently the sixth-largest decentralized finance (DeFi) app on Scroll. It hosts 20 pools, with the CHI/USD pair accounting for 67% of the total liquidity locked with the DEX.
CHI is a USD-based stablecoin issued by Essence Finance on Scroll. This is the flagship product of Essence, which was launched earlier this year. It is different from the CHI token issued by the Chi Protocol or Xaya, which all share the same ticker. Essence Finance’s CHI was recently listed on Coingecko.
Scroll-based CHI has a total supply of over 18 million tokens and is backed by assets worth $26 million, resulting in a collateral ratio of 142.7%.
Besides Tokan, Scroll’s TVL has been driven by the Pencils Protocol, which is the native yield farming solution on the layer 2, with the total collateral valued at $290 million.
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