IoTeX continues to hit historic milestones this month, with successful Dapps launching everywhere we turn. Last week, the NFT game StarCrazy reached #31 out of over 900 games on DappRadar just a few days after its release. Now following right behind it, Mimo and ZoomSwap are making waves throughout the entire DeFi space.
The common success between all these projects? IoTeX truly makes scalability a reality with its famously cheap fees and quick transactions. IoTeX is earning a reputation as the ideal blockchain across so many emerging markets- DeFi, NFT gaming, real-world data oracles, and more.
Mimo, IoTeX’s decentralized exchange (DEX) protocol, shot to the top of the DappRadar exchange rankings coming in at #9 out of over 200 exchanges, a nod to both its popularity and reputation amongst crypto traders. Even beating out Mdex for the #9 spots in terms of daily active users.
Meanwhile, ZoomSwap reached a record-breaking $10 million in total value locked (TVL) thanks to its groundbreaking yield farms. What’s most astounding- ZoomSwap has only been live on IoTeX less than a week, launching on September 30th. Reaching such massive numbers within a week of launching shows the monumental potential of ZoomSwap and DeFi on IoTeX as the community continues to grow and embrace the IoTeX ecosystem.
Mimo on IoTeX: DeFi Disruption In The Making
Mimo is emerging as a front-runner DEX, joining the likes of other giants like QuickSwap and UniSwap. Mimo protocol, powered by IoTeX, is a decentralized exchange where users can trade crypto assets without the need for a central entity. This means extremely low transaction costs, almost-instant trades, and compatibility across other blockchains.
With nearly 90,000 transactions this week alone, Mimo has positioned itself as one of the most accessible, user-friendly options in the space, thanks to these features. Peer-to-peer trading is the future of DeFi, and Mimo makes this a reality due to its scalability and functionality for even the most beginner users wanting to get involved.
ZoomSwap is Leading the Yield Farming Future
The ZoomSwap team has already shown so much potential in shaping the DeFi space, and they are only just getting started. With ZoomSwap, users can complete swaps with 30+ tokens and provide liquidity through farm pools. The DApp makes it incredibly easy for users to farm their tokens, earn high APY rewards, and explore many other projects within the IoTeX ecosystem.
What makes ZoomSwap unique is that it has a capped amount of tokens you can mine, while other yield farms have an uncapped amount. 99% of ZOOM tokens are mined by the users, while 1% is minted for airdrop and other development purposes. ZoomSwap appears to truly put their users and investors first.
Zoom Pools kicked off this week, so you can now stake and earn $ZOOM with a 900%+ APR! This is monumental. As this project continues to grow, we can expect exciting new features from the team like NFTs with ZOOM, syrup pools, DEX, and more.
ZoomSwap makes trading as simple as possible for all users. Users can view and participate in active pools, try their hand at farming, and discover new booming projects. IoTeX fulfills its promise of scalability, speed, and affordability, making ZoomSwap the ideal platform for both experienced and beginner traders. With very low fees compared to competing projects, it’s a no-brainer why users are going to instantly love ZoomSwap and all it has to offer.
The perfect storm of DEFI projects going live on IoTeX this week
An even more recent project, CloudSwap, opened its yield farming just this Wednesday. In less than 24 hours, CloudSwap already has $70,000 in total value locked (TVL)! Their exciting roadmap ahead hints at some big plans for this project, including launching an NFT marketplace. All built on IoTeX, CloudSwap provides quick, low-cost trading across many different pools and tokens.
Another Dapp taking off on IoTeX, is ParrotDeFi. With its goal of multi-chain yield farming, it has large, scalable opportunities to be a leading DeFi Dapp for secure and safe staking and farming across ecosystems. ParrotDeFi has its own token, iPEGG, pointing to exciting things ahead for ParrotDeFi!
Seagull is yet another powered-by-IoTeX DeFi platform for yield farming. Seagull’s goal is to give the community a way to stake and earn rewards with better APR and lower rates, keeping the price more stable. Farming does not even open until October 8, yet traders are already jumping at the chance to start. Seagull has over $3.8 Million in TVL and has its own token, FISH. We expect to see more valuable opportunities soon to come.
The takeaway here is that there is so much happening within the IoTeX ecosystem and no sign of it slowing down. In fact, the opposite seems to take place. The acceleration is starting to really create additional momentum for all IoTeX projects.