XSwap Surpasses $60 Million In TVL In Its First Week Of Operation

Since its public launch on November 6, 2021, XSwap, a decentralized cryptocurrency exchange based on ABEYCHAIN, has already gathered over $60 million in Total Value Locked (TVL). As the AIBC Europe 2021 Conference in Malta begins this week, officials with XSwap say it is one of the most successful DEX launches ever.

ABEY Foundation’s spokesperson Simon Cousins said,

According to our research, we believe that XSwap is one of the most successful DEX launches in history, especially considering the important metric of total value locked.

XSwap provides a variety of crypto-asset applications such as decentralized trading, liquidity mining, and stake, leveraging its high level of compatibility between many major blockchain ecosystems.

When comparing XSwap’s first-week TVL to other popular decentralized exchanges, users can start to see just how impressive this launch was. In Uniswap’s first seven days, the respected DEX reached $176,000 in TVL. In fact, it took Uniswap over 18 months to reach the $60 million TVL milestone that XSwap reached in less than one week.

Eman Pulis, group founder of SiGMA (the company which owns the AIBC conference) said on the event’s opening day, “XSwap’s impressive launch – achieving more than $60 million TVL in the first week of operation – shines a clear light on the emergence of DeFi. The ABEY team told me that XSwap’s go-live is one of the most successful DEX launches in history. Congratulations and welcome to AIBC, XSwap, and ABEY Foundation!”

XSwap is run and governed by a global community that was clearly ready to take advantage of the new exchange. XSwap passed $20 million in total value locked (TVL) after only 48 hours of availability, with $11 million in TVL after the first 24 hours.

Also, within the first week of the exchange’s general availability, more than 3.5 million XT, the exchange’s official governance token, were mined. If you are looking for one more metric to show the growth of this exchange: XT’s price rose from its launch price of $0.02 to $0.55 today, an increase of more than 2,600 percent.

As of Monday, November 15, 2021, XSwap has amassed over $75 million in total volume since its general availability, averaging over $9 million each day according to the data from the exchange.

Moreover, XT is XSwap’s official governance token, and it’s yet another unique element of the system. Liquidity mining on the protocol will eventually distribute 1.2 billion XT tokens to users. Through XSwap’s decentralized governance structure, XT holders can propose and vote on new innovations and changes to the protocol. Additionally, XT airdrops will be made accessible in the near future.