LINKSWAP hits lockdown value of $ 20 million as new “farmers” improve YFL price outlook

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LINKSWAP, a decentralized exchange (DEX) on Ethereum (ETH), became the eighth largest DEX according to Total Value Locked (TVL) on December 14, one week after its launch. YFL, the DEX’s governance mark, has also rallied over the past week.

YFL’s 1-hour price chart. Source: Uniswap.Vision

There are several main reasons for LINKSWAP’s growing momentum: stake, eagerly anticipated launch, Ethereum uptrend, and general rebound in the decentralized finance (DEFI) market.

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20% of the total YFL offering is contained in Governance Vault

According to the YFLink team, over 10,000 YFL have been deployed in the Governance Vault. Data from CoinGecko shows that YFL has a total supply of 52,000, so roughly 20% of the total supply is in the vault.

When LINKSWAP launched, a whale named “0X_B1” donated YFL 1,200 for rewards currently being raised by stakers.

The high level of involvement in the LINKSWAP deployment pools is optimistic for two reasons. First, it shows the confidence that crop growers have in the prospect of YFL. Second, the delivery of the token will be concentrated in the short term.

The launch of LINKSWAP on Ethereum was long awaited

The launch of LINKSWAP was delayed several times in November. Therefore, users were eagerly awaiting the launch in December.

Although LINKSWAP is not yet listed on Defipulse.com, it is the eighth largest behind CREAM at $ 20 million TVL. Considering the DEX launched on December 5th, the growth of the TVL was significant compared to other early stage DEX.

By December 7th, the combined liquidity for YFL / ETH and YFL / LINK on LINKSWAP exceeded Uniswap. By December 10, LINKSWAP had raised $ 10 million to TVL.

The Ethereum DEX competition is heating up: Uniswap, SushiSwap, Dodo, LINKSWAP

Competition in the EthDEX market is starting to intensify. The market is currently dominated by Uniswap and SushiSwap, which handle a daily volume of around USD 233 million and USD 36 million, respectively.

LINKSWAP is one of the newly emerging DEXes alongside platforms such as Dodo. The main feature of LINKSWAP is RugLock, which prevents token contract creators from “pulling the carpet” or ending fraud on the DEX.