Finance

SaucerSwap Sees Remarkable Growth with Tripling of Total Value Locked Following Hashgraph Association Support

In a groundbreaking development in the crypto space, SaucerSwap—an innovative open-source crypto trading protocol and the pioneering decentralized exchange (DEX) on the Hedera network—has reported an astounding threefold increase in its Total Value Locked (TVL). With figures skyrocketing from roughly $35 million to surpassing the $150 million mark in early March, SaucerSwap's growth trajectory has seen a 300% surge in under a year's time. This remarkable advancement trails the protocol's receipt of development funding from The Hashgraph Association (THA) in 2023. (Learn more about SaucerSwap's TVL)

The origins of this flourishing DEX date back to August 2022 when SaucerSwap V1 was first introduced, building upon the framework of Uniswap V2. Its initial success, however, was countered by capital inefficiencies. 2023 marked a transformative period for the protocol with The Hashgraph Association recognizing SaucerSwap as a groundbreaking startup in the crypto realm and integrating it into its Innovation Program. Post funding and support from THA, the exchange embarked on rapid evolution, unveiling SaucerSwap V2 within that same year.

Documenting its robust performance since the advent of SaucerSwap V2, key metrics such as the average 24-hour trading volumes have leapt from $500k to a staggering $6.5 million, a 1200% upturn in on-chain activity. Additionally, a surge in transactions utilizing the Hedera Smart Contract Service (HSCS) and a significant rise in Unique Active Wallets highlight the potent impact of the collaboration between SaucerSwap V2 and THA, bolstering both growth metrics and the inherent value within the Hedera ecosystem.

Kamal Youssefi, the esteemed President of The Hashgraph Association, elaborates on the significance of this collaboration, "SaucerSwap's involvement in the Hashgraph Innovation Program, coupled with the development funding from THA, not only facilitated its growth but also enriched the Hedera network by providing a comprehensive range of DeFi services. This venture is emblematic of the successful partnerships we desire to nurture. Moreover, DeFi is instrumental in promoting financial inclusion globally by offering a decentralized, accessible, and secure alternative to conventional financial systems, and THA takes immense pride in fostering this financial innovation powered by Hedera.” (Connect with Kamal Youssefi on LinkedIn)

With its base on the Hedera Network, SaucerSwap efficiently handles financial transactions that span token swaps through smart contracts to the governance model that ensures a clear and immutable ledger of platform policies. As decentralized exchanges serve as crucial gateways to the DeFi ecosystem, SaucerSwap stands as a keystone, enabling individuals and organizations to trade digital assets and NFTs securely and without custodial interference. Furthermore, entities can engage in staking, yield farming, and other activities integral to the decentralized finance movement.

SaucerSwap extends additional benefits through utilizing Hedera's Token Service (HTS) and Smart Contract Service, where projects can introduce a liquidity pool on SaucerSwap to foster greater liquidity. The V2 iteration of SaucerSwap brings even more to the table—liquidity providers can now strategically deploy their capital within particular price ranges instead of a uniform distribution across the entire pricing spectrum.

Peter Campbell, Co-Founder, Operations & Marketing at SaucerSwap, sheds light on their choice of Hedera as their underlying platform, “The decision to leverage Hedera's public ledger was driven by its robust support of our DeFi protocol while ensuring scalability, top-tier performance, and minor, predictable transaction costs pegged to USD. Hedera’s unique structure, one devoid of a mempool, also guards against MEV, guaranteeing an optimal user experience without front-running risks. The support from The Hashgraph Association has been pivotal in our mission to create an advanced, user-centric platform; with Hedera and THA by our side, we foresee continual innovation and exceptional value delivery to our users, especially during peak network demand times.” (Get in touch with Peter Campbell on LinkedIn)

About The Hashgraph Association

Situated at the forefront of the digital convergence, The Hashgraph Association is a testament to technological empowerment across organizations through the widespread adoption of Hedera-driven enterprise solutions and decentralized applications. With a mission that encompasses funding research, innovation, and global venture building programs, this Switzerland-based non-profit organization dedicates itself to the digital future, ensuring economic inclusivity with a positive environmental, social, and governance (ESG) footprint. (Discover more about The Hashgraph Association)

About SaucerSwap

Operational as a decentralized exchange and automated market maker, SaucerSwap is built upon the robust framework of the Hedera network. This platform empowers users with non-custodial, efficient trading of HBAR and HTS tokens. Established by SaucerSwap Labs, situated in Florida, the protocol harnesses the Hedera Token Service and Hedera Smart Contract Service to deliver swift, low-fee transactions, achieving finality in mere seconds.

This protocol exists in two versions: the original SaucerSwap V1, grounded in the Uniswap V2 constant product AMM, and the more evolved SaucerSwap V2. The latter introduces concentrated liquidity and varied fee tiers, which affords liquidity providers unparalleled efficacy in capital allocation. Unique elements such as the Liquidity-Aligned Reward Initiative and resistance to MEV further reinforce SaucerSwap's distinct position in the DeFi landscape.

The governance of SaucerSwap is conducted through the SaucerSwap DAO, with support from the HBAR Foundation and The Hashgraph Association, aligning the protocol's trajectory with innovation and sustainability within Hedera's DeFi ecosystem. As of March 2024, SaucerSwap boasts a leading market share amongst Hedera's DeFi protocols with a TVL recording at an impressive $120 million and a cumulative trading volume reaching $875 million. (Visit SaucerSwap for more information)

In conclusion, the TVL data reported as of 7th March 2024, sourced from The Hashgraph Association, further cements the status of SaucerSwap as a dynamic and flourishing decentralized finance protocol within the digital currency landscape.

Reference notes:

1. TVL data source as of 7th March 2024.

It is evident from the strides made by SaucerSwap, that the fusion of cutting-edge technology and strategic collaboration can yield unprecedented results in the DeFi space, paving the way for a more resilient, secure, and inclusive financial future.