Swerve Finance has witnessed a massive total value locked down worth around $600 million. This equates to about 60% of the deposits on Curve Finance in one week.
A fork of decentralized exchange protocol Curve Finance, Swerve Finance has – in under one week – witnessed an estimated $600 million deposits on its platform. With this move, it means the protocol is responsible for about 60% of the total value locked down on Curve Finance which is currently at the $1 billion mark.
This week also witnessed the listing of the Swerve Finance against dollar-backed USDT token by Poloniex, a highly rated crypto exchange. Despite the move, the token is currently trading at $4.88, a disappointing loss of 85% compared to the amount it traded at when it launched.
Swerve Finance provides quick service for small fees
According to Curve, Swerve Finance aims to provide clients with the best rates in trading stablecoins as well as transaction fees. Presently, Swerve is on its way to equal the records set by Curve.
Swerve is not capable enough to handle heavy transaction volumes, with a massive volume of $15 million managed daily. Curve, on the other hand, boasts nothing less than $135 million worth of transaction volume a day. Uniswap currently leads the pack when it comes to daily transaction volumes, carrying out up to $11.6 billion worth of transaction volume.
Curve Finance suffers a disappointing launch
Swerve Finance makes use of the same protocol as Curve with the major difference being that Swerve is governed and owned by the community. This means that the tokens are generated as a result of deposits made by clients on the protocol.
The launch of the native token of Curve met a disappointing end, as an unknown developer went ahead to run the smart contracts before the launch which led to coins being pre-mined.