Zilliqa's ZilSwap (ZWAP) Hits $219M in Total Value Locked 14

Zilliqa’s ZilSwap (ZWAP) Hits $219M in Total Value Locked

In brief:

  • The total value locked on Zilliqa’s ZilSwap just hit $216 Million
  • This amount in total value locked exceeds that of Ethereum’s 1inch exchange
  • If ZilSwap was compared to Ethereum DEX’s it would rank sixth
  • The digital asset of Zilliqa is inching closer to its all-time high of $0.2315 and attempting to reenter the top 50

The decentralized exchange of ZilSwap has hit a new milestone in terms of total value locked. According to data shared by the President of Zilliqa (ZIL), Amrit Kummer, ZilSwap has hit $219 million in total value locked.

Furthermore, Zilswap’s current total value lock would exceed that of 1inch Exchange if it were compared alongside Ethereum DEXs. Mr. Kummer shared his analysis of ZilSwap through the following tweet and screenshot demonstrating ZilSwap’s impressive growth when compared to popular Ethereum based decentralized exchanges.

A Brief History of ZilSwap

ZilSwap is Zilliqa’s very own decentralized exchange for ZRC-2 tokens. ZilSwap uses Autonomous Market Makers for its trading functions and also allows holders of ZRC-2 tokens and ZIL to contribute to the various liquidity pools. Liquidity providers are thus rewarded through the trading fee on each swap.

Zilliqa (ZIL) Inches Closer to its ATH, Attempts to Renter top 50 Digital Assets

With respect to price, Zilliqa (ZIL) is currently trading at $0.198 after yesterday’s peak value of $0.215 – Binance rate.

The latter value is a few cents away from the all-time high value of $0.2315 set on May 10th, 2018, as documented by Coinmarketcap.com. According to the tracking website, Zilliqa (ZIL) is now ranked 53rd as seen in the screenshot below and only 3 spots from reentering the top 50 once again.

Zilliqa's ZilSwap (ZWAP) Hits $219M in Total Value Locked 15

Zilliqa (ZIL) Could Set a New All-time High in Q2

As earlier mentioned, Zilliqa’s recent high of $0.215 is very close to the May 2018 all-time high value of $0.2315. A brief look at the daily ZIL/USDT chart reveals that Zillqa could retest or eclipse this price area in the days to follow.

Zilliqa's ZilSwap (ZWAP) Hits $219M in Total Value Locked 16

From the ZIL/USDT chart above, the following can also be observed:

  • Zilliqa has formed a rising wedge on the daily time frame that could serve as a guide towards the all-time high of $0.2315
  • Trade volume is in the green with the daily MACD crossing in a bullish manner above the baseline
  • The daily MFI is in neutral territory at a value of 60 with the daily RSI hinting of exhaustion at a value of 70
  • A breakdown of the rising wedge will see Zilliqa’s 50-day moving average acting as a strong support zone around the $0.16 to $0.15 price area