Swerve Finance, an unaudited fork of DEX Curve Finance, has amassed more than $600 million in deposits or the total value locked (TVL) in the protocol.
In under a week, this decentralized finance protocol has gotten about 60% of Curve’s deposits, which currently stands at just under $1 billion.
This week, cryptocurrency exchange Poloniex also listed the SWRV token against USDT. Currently, the token is trading at $4.88, down 87.5% from its all-time high hit on the launch day itself.
“Swerve has the best rate out of any exchange for USDC, USDT or TUSD to DAI by both exchange rate and transaction fee! Get some stables and collect your comfortable APY,” boasts the decentralized exchange.
Swerve is fast catching up to Curve. However, volume on the former platform is not strong enough, yet The daily volume recorded on Swerve Finance is just about $15 million compared to Curve’s $135 million.
Curve is the second biggest DEX after Uniswap, which registered $1.3 billion of volume in the past week, accounting for 22% of the market share, compared to Uniswap’s nearly 65% share.
Overall, DEXs are seeing huge growth in 2020, recording $11.6 billion in total trading volume in the month of August. Now in September, already $10.9 billion in combined volume has been seen, as per data source Dune Analytics.
Swerve cloned Curve, a decentralized exchange protocol for trading stablecoins, with the key difference of the latest project being “100% community-owned and governed,” which means SWRV is generated by users with deposits right from the beginning.
Curve’s token CRV’s launch, however, was a botched one. Before the planned schedule, an anonymous developer front-run it and deployed the smart contract with some accusing the protocol of pre-mining the tokens.