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Less than a week after its debut, Baby Doge Swap has hit a new milestone.
According to data from the decentralized exchange, the total value (TVL) on Baby Doge Swap recently surpassed $18 million. At press time, Baby Doge Swap’s TVL is currently worth $18,287,096 ($18.28 million).
The development was also announced on Baby Doge Swap’s official Twitter account.
We just surpassed $18M TVL on https://t.co/UAopqnkXjR 🐶🙌 pic.twitter.com/VEcIrPYVAH
— BabyDogeSwap.com LIVE (@BabyDogeCoin) October 10, 2022
Baby Doge Swap is a decentralized exchange that launched last week to expand the use case of the project. The DEX is powered by the Binance Smart Chain and makes it easy for users to perform token swaps for all BSC-based tokens, including Binance Coin (BNB) and the project’s native cryptocurrency, BabyDoge.
Baby Doge Swap also offers yield farming on BUSD/USDT pairs, with users eligible to earn up to 6,000% APY rewards for providing liquidity. However, APY rewards are expected to be reduced as more liquidity providers use the service.
The DEX has been audited by leading cryptocurrency security firm CERTIK as part of an effort to protect users from bad guys. Because Baby Doge Swap was designed to make token swaps and yield farming cheap and fast, the team made sure that users would pay low fees while using the platform.
Team to incinerate BabyDoge using DEX’s charges
Despite the low transaction fees on the platform, BabyDoge still chose to do it allocate part of the transaction fees to buy and burn Baby DogeCoin.
There have been calls from the community to reduce BabyDoge’s overall supply in order to increase the price of the cryptocurrency. BabyDoge has a total supply of 420 trillion tokens, with a circulating supply of 160.9 trillion. The community believes that the massive amount of BabyDoge total supply is negatively affecting the price of the token, hence the need to burn some of it.
In July, the Baby Doge Coin performed the biggest burnby burn 50 quadrillion cryptocurrency unitsvalued at approximately $88 million.
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