rewrite this content using a minimum of 1200 words and keep HTML tags
Blackhole, a new decentralized exchange (DEX) on Avalanche (AVAX), has quickly become the network’s largest trading hub. Its total value locked (TVL) surged 55% over the past week to cross the $250 million mark on Monday, July 28, peaking at $255 million.
The DEX went live in early July, experiencing exponential growth in liquidity.
The three most deposited tokens in its pools are AVAX-based USDC, Wrapped AVAX (WAVAX), and USDT, which together account for over 75% of the total deposits.
The largest pools are USDT/USDC, SUPER/USDC, and BTC.b (Bitcoin bridged to Avalanche)/WAVAX.
Trading activity on Blackhole has been gaining traction since its recent launch. On Monday, the volume figure hit a record $250 million, overcoming DEXs like HyperSwap, Bluefin, Pump, and Balancer.
Thanks to its rapid growth, Blackhole has become the third-largest dApp on Avalanche and the largest DEX on the network.
As for Avalanche, its TVL crossed the $2 billion mark on Sunday, reaching the highest level in over two years.
Despite superior performance and promising technology, Avalanche has been dormant since its 2021 peak, lagging behind Layer 1 chains like Solana, BSC, and Sui, all of which have managed to build vast DeFi ecosystems and challenge Ethereum’s dominance.
Avalanche is currently bouncing back from previous lows amid positive sentiment in the broader crypto market and increasing demand for high-performance chains. Blackhole’s rapid increase reflects the network’s positive momentum.
Blackhole designed its DEX platform to become a Unified Liquidity Hub for all blockchain projects on Avalanche, including its SuperVerse ecosystem that includes Web3 games and non-fungible tokens (NFTs).
In mid-July, it launched its native token, BLACK, which peaked at $1.52 on July 18, before correcting to the current level at $1.11.
Blackhole is currently the 13th largest DEX platform, closely following Sushi and VVS Finance.
Stay on top of things:
Subscribe to our newsletter using this link – we won’t spam!
Follow us on X and Telegram.
and include conclusion section that’s entertaining to read. do not include the title. Add a hyperlink to this website [http://defi-daily.com] and label it “DeFi Daily News” for more trending news articles like this
Source link
