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Merely two weeks after its launch, DinoSwap has emerged as the third leading decentralized finance (DeFi) platform on the Polygon network. The project has recorded one of the fastest accumulations in DeFi space with yield farmers and crypto ventures arriving in droves. As per an announcement shared on Friday, the total value locked (TVL) on the protocol currently stands over $500 million.
DinoSwap Records Quickest Accumulation in DeFi Within Weeks of Its Polygon Launch
Conceptually similar to PancakeSwap, DinoSwap is backed by DeFi’s leading names such as DeFiance, Hashed, Spartan Group, and DFG who collectively invested $4.7 million in the venture. Additionally, Polygon co-founder Sandeep Nailwal also contributed to the project as an angel investor, alongside Terra founder Do Kwon and Sushiswap’s pseudonymous founder Chef Nomi.
Like PancakeSwap, the protocol offer investors farming pools and single asset staking pools, known as “Jurassic Pools.” DinoSwap also permits its users to put their DINO token to work and earn any of the tokens issued on top of Polygon -- which is said to be the first among multiple blockchains the project intends to integrate with.
DINO token Awards, Future Roadmap and More
Several projects have launched fossil farms on DinoSwap to increase their liquidity on Polygon. The first fossil farms were rolled out by Bella Protocol, Dfyn Network, Benchmark Protocol, Aavegotchi, SportX, and Chain Guardians. DinoSwap users who commit their Dinos to liquidity pools of these projects are rewarded with their respective native tokens. When the protocol first went online, users were able to stake their DINO holdings to earn Chai n Guardians, SportX, and Aavegotchi tokens.
Further down the line, DinoSwap developers want to introduce an AMM (decentralized exchange), a Multi-chain Bridge, a Non-burn DINO staking pool, "Tar Pits" with enhanced returns, Gamification Products, and a system for governance integration.
DinoSwap is currently being tracked by most major analytics platforms including DeFiLlama, which ranked it the 6th largest platform on Polygon in terms of the TVL. It has also obtained a “low risk” rating from token tracker Rug doctor and completed its three Certik smart contract audits.