Success in DEX? Fast-growing crypto exchanges may hurt DeFi investors

Success in DEX? Fast-growing crypto exchanges may hurt DeFi investors


With the rise of various meme-coins over the last year or so, a whole host of decentralized exchanges (DEXs) have continued to emerge and accrue massive sums of liquidity seemingly overnight. As a result, a number of security firms have started to call into question over the recent weeks regarding the overall security and transparency of these platforms.

For example, DEX ShibaSwap, which has been able to capitalize on the budding popularity of the style of Dogecoin (DOGE) with native token Shiba Inu (SHIB), was recently able to accrue a total value locked (TVL) of more than $1 billion within a day of its launch. This calls into question the DEX’s liquidity quotient, especially since the protocol’s design was given low marks by platform reviewer DeFi Safety.

The firm initially scored ShibaSwap’s native safety and security standards at a mere 3%, which is well below the platform’s minimum pass threshold of 70%. However, following an audit by Certik, a firm that

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