MERCHANT MOE ESTABLISHES VOLUME HIGH POINT AMONG MANTLE DEFI SYSTEMS; REACHES $58M ON MONDAY
Merchant Moe, a decentralized exchange (DEX) on the Mantle chain, has been making waves in the cryptocurrency world with its impressive performance. As of now, the total value locked (TVL) in Merchant Moe's pools stands at $91 million, a significant portion of which is attributed to the liquidity book pools.
The introduction of Moe's liquidity book, an automated market maker (AMM) infrastructure, in April this year seems to have played a crucial role in this growth. The record high TVL of $104 million was registered on July 26, and on Monday, August 5, Merchant Moe's trading volume reached nearly $58 million, making it the second-largest DeFi app and DEX on Mantle in terms of TVL.
On the same day, Merchant Moe outperformed Agni Finance by trading volume, a feat it repeated even when Agni also registered record volumes. The record daily trading volume of $149.1 million on August 5 was achieved across all Mantle DEXs, with Merchant Moe contributing a substantial portion.
However, it's important to note that while Merchant Moe is part of a growing Mantle ecosystem, specific data on its trading volume, liquidity, user base, or relative ranking among Mantle DEXs is not readily available in public sources. For a precise assessment, one would need to consult Mantle's official ecosystem analytics or DEX-specific dashboards, Merchant Moe’s official channels, or on-chain analytics platforms that track Mantle DEX activity, or third-party crypto data aggregators that may cover DEX metrics specific to the Mantle chain.
In a recent development, there were record liquidity outflows from Merchant Moe on August 8, with more than $21 million worth of tokens leaving the platform. About 90% of these outflows were USDT.
The liquidity book, which borrows technology from Trader Joe, the leading DEX platform for Avalanche, is designed to reduce slippage and boost capital efficiency. The daily transactions on Mantle surpassed 800,000 on August 6, marking the highest level since mid-January.
As Mantle continues to develop its ecosystem, Merchant Moe's performance serves as a testament to the potential of decentralized exchanges on the chain. With its innovative liquidity book and growing trading volume, Merchant Moe is certainly a DEX to watch in the coming months.
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