WaultSwap Heading Towards Top 5 in Dex Volume After 20% Correction

After the release of a few key products in April, Wault Finance is seeing tremendous growth. Let’s dive into some of the contributing factors for this rise.

By
Rebecca Asseh
on
May 12, 2021
Category:
BSC News

WaultSwap Inches Towards Top 5 Dex Volume After 20% Correction

Binance Smart Chain (BSC) project Wault Finance announced that WaultSwap surpassed 1Inch in 24 hour daily volume on May 11th. The announcement revealed that WaultSwap now ranks #303 in the coin market and amongst DEXes, it reached the 6th position ahead of 1Inch.



In its 24 hour volume, Wault Finance carried out transactions worth $385,835,522 while 1inch came two positions behind in the 8th position at $344,055,888.


Wault Finance Growth

Wault Finance has been diligently developing their Decentralized Finance (DeFi) products; in April, the Decentralised Exchange migrated to a cleaner token WAULTx. They also launched their new AMM WSwap with its representative token WEX and announced the launch of their third presale to Holder Finance in the same time period. The migration from WAULT to WAULTx is in line with the migration of PancakeSwap for their LP tokens. 

In the last 24 hours, WaultSwap is trading at a 24 hour low at $0.150368 and a 24 hour high at $0.222006. Towards the end of April, WaULTSwap was trading at $0.00953131 and on May 10th, the price sky-rocketed to 0.373826. We can attribute the price pump on May 10th to the burning of circulating WEX tokens, where a total of 7,029,459 WEX was burnt. Wault Finance also announced that it would buy back and burn 0.02% of the daily trading volume, spending $32,000 to buy and burn WEX. Holders of WEX will get 100% of the accrued trading fees. Although the price of WEX has suffered a sharp decline, according to DappRadar, Wault Finance has had a 24 hour volume of 8.62k users interacting with dApp smart contracts. When Wault saw the sharp increase in its price, it had 11.3k active users - over 3k above the amount of users as at the time of writing. 

Image Source: Dappradar




Importance of Wault’s Success

Ethereum and BSC-based DEX aggregator 1inch works out the best crypto prices across decentralized exchanges, and allows its users to provide liquidity to earn its token 1INCH. 1inch has been a leader in the DEX space, ranking 2nd on DappRadar with 3.9k users on the Ethereum network alone. With Wault Finance surpassing 1inch in daily volume, it is a testament to the steady growth of the project. By seeing increased value, Wault is proving that people are starting to trust decentralized financial transactions, allowing for further innovation as teams have more resources to work with.


About Wault Finance

 

Source

Wault Finance is a DeFi platform that aims to connect all the primary DeFi use-cases within one simple ecosystem on Binance Smart Chain. Wault aims to ensure that the benefits of DeFi should be accessible to all, ensuring low fees, simple user interface and amplifying wealth-accumulation for its users. The project relies on the WAULTx token, governing the platform and allowing users providing liquidity to earn profit in return. Some of the team’s achievements include an audit by Certik and RD Auditors, and a return of 1400% APR (3.8 daily) for investors.


Closing Thoughts

As Wault continues to see success, BSC investors should rejoice. The chain is beginning to see more high-quality projects develop in order to compete with industry giants such as PancakeSwap, and the success of projects like Wault will increase innovation across the board. Anyone interested in relying on DeFi systems for financial transactions should check out the burgeoning protocol.



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Rebecca Asseh

Rebecca Asseh is a crypto and blockchain Writer with an interest in emerging technologies and financial psychology. When she's not writing, she's watching medical and crime shows.

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