Swerve Gets Listed on Binance; Sees Total Value Locked (TVL) Surge to $856 Million
Swerve continues to grow and gain a wider presence. Just today, the DeFi token has been listed to the leading spot cryptocurrency exchange Binance.
The exchange announced the listing of SWRV against its native token BNB and its stablecoin BUSD. The trading for both the pairs will start Tuesday at 6:00 AM (UTC).
The token SWRV jumped 32.5% in value, reaching $6.72 in response to the centralized exchange listing, only to drop 28% to now trade at $4.84.
It has a total token supply of 33 million, which will be fully distributed to liquidity providers (LPs) in six years. To earn these governance tokens SWRV, the LPs have to provide liquidity in exchange for which they get ySWRV tokens that can be then staked in the Swerve DAO to get SWRV.
Swerve Catching Up to Curve
The Curve fork is seeing a continued increase in its deposits that has the total value locked (TVL) climbing to $856.8 million in just ten days — ranking 7th in the DeFi space, as per DeFiBank.
In such a short time, Swerve has captured 80% of Curve’s TVL. The original AMM protocol, which deals in stablecoins with low slippage, currently has just over a billion dollars in deposits.
The forked automated market maker (AMM) platform, however, is currently seeing about $70 million in volume today, which is about 35% of Curve’s $204 million volume.
The highest volume Curve ever did was $1.4 billion on August 31st, while Swerve’s was almost $180 million on this Monday.
February 2020 launched Curve platform’s governance token CRV meanwhile trades at $1.75, nearly 97% lower than its peak at $54 from a month back.
In the meantime, the unaudited Swerve protocol has also collected $38,000 to fully cover its audit, which will be conducted by PeckShield and will take weeks, once the multi-signers sign the payment transactions.