Tokan Exchange Inches Closer to Top 40 DEX Platforms by TVL as Scroll Network Surges

Tokan Exchange, a Scroll-based decentralized exchange (DEX), has been steadily gaining traction since its recent launch in May.

Decentralized exchange (DEX) Tokan Exchange, which is powered by Scroll, has seen its total value locked (TVL) reach a record high of $44.5 million, as per data from DEX aggregator DefiLlama.

The platform, which was launched in May, has seen its TVL increase by 60% in the last month alone. It is now just $2 million away from surpassing DEXs like SaucerSwap or IDEX and joining the top 40 largest DEX platforms by TVL.

Both SaucerSwap and IDEX have seen their TVL drop more than 24% over the last month.

Tokan is also $25 million away from surpassing Ambient and becoming the largest DEX on the Scroll network.

Scroll is an Ethereum layer 2 chain that utilizes zero-knowledge (zk) proof technology. Data from DefiLlama shows that its TVL has quadrupled over the last two months to reach the current level of $680 million. On July 29, its TVL reached a record $762 million.

However, L2Beat data shows that Scroll’s TVL, including the canonical and external TVL, is at over $1.17 billion, surpassing Ethereum layer 2 like Linea, zkSync Era, and Starknet, and coming close to overtaking Mantle.

Of the decentralized finance (DeFi) applications on Scroll, Tokan is currently the sixth-largest. The DEX hosts 20 pools, with the CHI/USD pair boasting the highest liquidity, accounting for 67% of the total liquidity locked with the DEX.

The CHI token in question is a USD-based stablecoin that was recently launched on Scroll by Essence Finance. It is the flagship product of Essence, which was launched earlier this year.

This CHI token is distinct from the tokens issued by the Chi Protocol or Xaya, all of which share the same ticker. Essence Finance’s CHI was recently listed on Coingecko.

The Scroll-based CHI has a total supply of over 18 million tokens and is backed by assets valued at $26 million, resulting in a collateral ratio of 142.7%.

Besides Tokan, Scroll’s TVL has been largely driven by the Pencils Protocol, which serves as the native yield farming solution on the layer 2, with the total collateral valued at $290 million.