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Cryptocurrency News Articles
Capybara DEX TVL Explodes 750% in a Month, Becoming the Third-Largest on Kaia
Oct 09, 2024 at 01:19 am
Capybara exchange, a decentralized exchange (DEX) on the Kaia chain, saw its total value locked (TVL) explode by over 750% in the past month alone
A decentralized exchange (DEX) on the Kaia chain has seen its total value locked (TVL) explode by over 750% in the past month alone.
Capybara exchange, which was launched in June of this year, had less than $1 million in TVL at the beginning of September. It has since been the best monthly performer on the Kaia chain, which has over 40 dapps listed on DefiLlama.
The platform’s total liquidity value reached a record $7.5 million on Tuesday, October 8th. It is currently the third-largest DEX on Kaia, but if this growth pace continues, it could surpass KlaySwap and DragonSwap, both of which have about $10 million in TVL.
Capybara itself reports over $9 million of liquidity.
The platform hosts several single token pools. The largest pool consists of stKAIA, which has been the main driver behind Capybara’s TVL growth. stKAIA deposits exploded from zero to over $4 million in less than two weeks. This is a liquid staking token (LST) representing KAIA staked through Lair Finance – the largest liquid staking protocol on Kaia.
The second-largest pool contains Wrapped Klay (WKLAY), with over $2.5 million in TVL.
Capybara saw record net inflows on October 1 when more than $590,000 worth of tokens was locked on the platform, with stKAIA accounting for 99% of total deposits.
While stKAIA and wKLAY account for nearly 95% of all deposits, the DEX also supports Wrapped Ethereum (WETH), USDT, and USDC, among others.
Capybara’s daily trading volume broke above the $2 million mark on October 6, setting a new record.
Besides its token swap feature, Capybara also offers a launchpad, a derivatives trading platform for perpetuals, and a raffle game.
Kaia, whose mainnet has been live for less than two months, is a decentralized network that resulted from the merger of the Klaytn and Finschia chains. The former KLAY and FNSA tokens are currently migrating to KAIA.
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