Wait, but is that good? Let’s compare.
VenomDAO announced Viperswap’s launch on March 8. Four days later, on March 12, it had reached $1 million in total value locked (TVL). Two days later, its TVL doubled to $2.2 million, and one week after that, it had doubled again to $4.3 million.
Then, three days after that, on March 24–a mere seventeen days after its launch — Viperswap reached $10 million in TVL.
That’s quite an achievement, but how does it stack up against its predecessors? Let’s make some comparisons against today’s top 5 DEXes, as ranked by DeFi Pulse:
- At the top of the list is SushiSwap, which started on September 4, 2020, and exploded to $1.15 billion in TVL on September 9, 2020. This was largely due to a notable migration of assets from Uniswap. The migration may warrant an asterisk on the milestone, but it’s pretty incredible, nonetheless. 5 days.
- Uniswap launched on November 2, 2018, and it took them until May 11, 2019 to reach $10 million in TVL. 190 days.
- It took Curve Finance from February 10, 2020 until April 23, 2020 to accomplish the feat. 73 days.
- Balancer launched on February 28, 2020 and hit the mark on June 1, 2020. 94 days.
- Rounding out the top 5 is Bancor, which began on August 17, 2017 and passed $10 million 112 days later on December 7, 2017.
Reaching $10 million in TVL in just 17 days is pretty remarkable, especially when you compare it against the others listed above. Viperswap’s rise came about quietly, too, without much advertising beyond a handful of tweets from the community. It’s not slowing down, either, having already gained another 30% since hitting the $10M milestone yesterday. It could be halfway to $100M by this time next week!
This article’s focus has been total value locked, but the growth of Viperswap’s native token value and market cap has been equally impressive. The token began at $0.005 and has grown to just shy of $1, pushing the total market cap near $150 million.
I’ve written about Viperswap a couple of times now, and I maintain that if you try it yourself, it will re-write your expectations for blockchain apps. Harmony is so fast and cheap, and you can try Viperswap with less than $10 and see real earnings accumulate in real-time. It’s incredible.
The future for Harmony is bright, and Viperswap has the opportunity to play a central role. Harmony had its own news this week, launching a Binance Smart Chain bridge in addition to its existing Ethereum bridge. With that news, they explained that you couldn’t do a direct passthrough of tokens, for example, to send USDT from Ethereum straight to BSC. Instead, there will be separate ethUSDT and bscUSDT tokens. If/when Viperswap adds liquidity to facilitate this swap, it will be an easy, negligible-fee, non-issue to do the extra swap to make it happen.
I can’t wait to see what comes next from the Harmony and VenomDAO teams!
This story was originally published on This Crypto Life on March 25, 2021.