With the rise of various meme-currencies over the past year, a large number of decentralized exchanges (DEX) have continued to emerge and accumulate huge sums of liquidity seemingly overnight. As a result, several security companies have begun to question over the past few weeks regarding the overall security and transparency of these platforms.
For example, DEX ShibaSwap, which has been able to capitalize on the growing popularity of the Dogecoin style (DOGE) with the native Shiba Inu (SHIB) token, it was recently able to accumulate a total locked value (TVL) of more than $ 1 billion within a day of its release. This calls into question DEX’s liquidity ratio, especially since the DeFi Safety platform reviewer gave the protocol design low marks.
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