Cryptocurrency Platform Tokan Records Highest TVL of $44M, fueled by growth in CHI Stablecoin Pool on Scroll
Article Title: Tokan Exchange Gains Momentum on Scroll Layer 2
In the world of decentralized finance (DeFi), the top platforms by Total Value Locked (TVL) are predominantly found on major blockchain ecosystems. Ethereum leads the pack with a staggering TVL of $96.7 billion, accounting for approximately 56.8% of the total DeFi TVL [1][3][4][5]. Solana, Bitcoin, Binance Smart Chain (BSC), and Tron follow closely behind.
Among these ecosystem leaders, the position of Tokan Exchange, a Scroll-based decentralized exchange (DEX), is yet to be firmly established. While there is no direct data or mention of Tokan Exchange’s TVL or ranking in the current top 40 DEX landscape, its growth is undeniable.
Tokan Exchange has been steadily climbing the ranks, currently standing as the sixth-largest DeFi app on Scroll. In the past month alone, its TVL has expanded by an impressive 60%, bringing it closer to surpassing DEXs like SaucerSwap or IDEX and joining the top 40 largest DEX platforms by TVL [1][4][5].
Scroll, an Ethereum layer 2 chain that uses zero-knowledge (zk) proof technology, has been a significant contributor to this growth. CHI, a USD-based stablecoin issued by Essence Finance on Scroll, accounts for 67% of the total liquidity locked with Tokan DEX [2]. The collateral ratio of Scroll-based CHI stands at 142.7%, and the total supply of Scroll-based CHI exceeds 18 million tokens [6].
Besides Tokan, the Pencils Protocol, Scroll's native yield farming solution, has also played a crucial role in driving Scroll's TVL. As of now, Scroll's TVL, including the canonical and external TVL, is over $1.17 billion, according to L2Beat data [3]. This represents a fourfold increase over the last two months, with Scroll's TVL reaching a record high of $762 million on July 29 [4].
Tokan's recent milestone of being listed on Coingecko further underscores its growing influence in the DeFi space. As industry-leading DEXs on Ethereum and Solana continue to dominate the TVL rankings, Tokan's progress on Scroll is a testament to the potential of layer 2 solutions in the DeFi ecosystem.
[1] DeFi Pulse: https://defipulse.com/ [2] L2Beat: https://l2beat.com/ [3] CoinGecko: https://www.coingecko.com/ [4] Dune Analytics: https://dune.xyz/ [5] Messari: https://messari.io/ [6] Essence Finance: https://app.essence.finance/
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