This Binance Smart Chain-based DeFi Platform Saw Explosive Growth This Week

This Binance Smart Chain-based DeFi Platform Saw Explosive Growth This Week
Table of Contents

DungeonSwap is the latest DeFi and gaming platform on Binance Smart Chain that experienced massive growth in terms of users and TVL. During the last week, the number of users in the platform experienced a 500% growth while the processed transactions grew by more than 600%.

The gaming and yield farming platform focuses on two of the most famous features of blockchain products and has been successful in the initial days. The NFT concept in the DungeonSwap is one of the biggest reasons we see an increase in the number of users and the TVL.

Combining Gaming and DeFi to Attract Users

There are a lot of DeFi platforms running on various blockchains. Binance Smart Chain or BSC hosts a considerable amount of them, among which PancakeSwap and Venus are the most famous ones. But there are many others like DungeonSwap that launch on the platform with attractive promises and features that become successful in attracting users. More users mean more volume for the platform and an increased TVL.

As mentioned above, DungeonSwap has been successful in attracting 500% more players in the last week. It’s a table-top RPG game with yield farming features that somehow combines two of the most attractive concepts of the crypto world.

Adding NFT opportunities to the platform has caused more attractiveness for the users. But adding more users didn’t necessarily mean more volume going through the platform. The volume was increased by only 2%. But the users locked more assets in the smart contracts. It increased by more than 120%. Currently, more than $1.24M is locked in DungenonSwap.

NFT drops caused significant growth in terms of users and TVL in the DungeonSwap platform. The NFTs included digital arts of game items like swords and other game elements. The final gaming capabilities will go live in Q3 2021.

The combination of DeFi services with gamification features may ultimately help DungeonSwap become one of the most successful platforms on BSC. It has various features and tools. Some of them are:

  • Trading markets – serves as an exchange to swap assets on
  • Liquidity fountain – provides additional liquidity to the ecosystem
  • Fantasy farm – offers yield farming opportunities 
  • Alchemist’s pool – this is where all staking pools are located
  • The Dungeon – the basic gameplay on the platform
  • Boss Battle – a lottery style game 

The increased interest in DungeonSwap has resulted in more interest in its native token, DND. Currently, the token has use-cases like staking and yield farmings. Its price rose significantly after the number of users skyrocketed in the past week.

If you found this article interesting, here you can find more DeFi News


Follow us on Social Networks

Crypto Tutorials

Crypto Reviews