Shadow Exchange has been witnessing incredible growth, exceeding expectations, with its $115 million TVL and $8.092 million fee revenues generated in just two weeks. This is according to data reported by CryptoRank.io today.
This tremendous growth places Shadow Exchange among the top competitors in the broader cryptocurrency market.
Shadow Exchange is a centralized cryptocurrency exchange launched by Sonic Labs over the past month. Currently, the exchange is one of the booming markets in the Sonic ecosystem.
Shadow’s TVL hits $115 million in two weeks
Shadow Exchange accomplished a breakthrough in its TVL, reaching $115 million in the last two weeks. This indicates the exchange’s significant growth in TVL, which became noticeable from Feb.5 to Feb.20.
Shadow began Feb.5 with TVL at $12 million and peaked at $115 million today Feb.20. The ecosystem maintains a robust network enthusiasm and trading platform’s attractiveness to traders looking for a simplified interface with decentralized options and a wide variety of tools and resources.
The successful growth of network liquidity, through its ascending pattern (as shown in the graph above), suggests positive trends for the Shadow exchange.
The growing adoption and applications support this rise since the exchange draws in more users and attracts more integrated services and DApps into its ecosystem.
Shadow generates $8.092 million in fee revenues
Also, Shadow Exchange has witnessed a huge increase in fee revenues collected over the last two weeks, as per data supplied by Cryptorank.io.
Over the past two weeks, Shadow’s liquidity pools generated $8.092 million in fee revenues. This incredible surge in fees is majorly triggered by the rising interest in trading assets among investors.
The increase in Shadow’s fee revenues coincides with a surge in the platform’s trading volume. Over the past two weeks, the exchange’s spot trading volume reached $1,114 million. This exponential growth is attributed to the increased involvement of retail traders and institutional investors in the digital asset market.
Meanwhile, the price of its native token, SHADOW, has risen four times since the start of this week despite maintaining a relatively low market capitalization of $40 million.
The SHADOW token has been in a bull run since its launch over the past 30 days. Its price has been up 1880.9% over the past month. The asset’s price reached a new ATH of $201.83 today, Feb.20. At press time, the asset is trading at $193.54, 1.51% lower from the highest price. These positive figures signal that its ecosystem is doing well.
