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Solana Dog Token Darling Bonk Inu Releases BonkSwap DEX
Bonk inu was one of the hottest Solana tokens earlier this year, leading a frenzied market at the time.
Updated May 9, 2023, 4:12 a.m. Published Apr 13, 2023, 9:14 a.m.
Bonk Inu developers released the dog-themed protocol’s native decentralized exchange (DEX) earlier Thursday, marking one of the first major releases for the popular token.
Named BonkSwap, the DEX will utilize Solana smart contracts to allow users to swap solana , bonk inu (BONK) and stablecoins. The majority of fees (80%) on BonkSwap will be used to reward liquidity providers and locked stakers of Bonk and BonkSwap LP positions, which will likely accrue value for bonk holders
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As such, developers plan to release more features in the months ahead, including a bonk-based game and futures offerings on the Bonkswap exchange.
“In the coming months we will integrate incredible, rewarding Bonk-powered games, add innovative trading features like options, and perpetual futures powered by HxroNetwork, and expand liquidity to make trading Bonk easier than any other token in Solana,” Bonkswap developers tweeted.
4/6
— Bonkswap (@Bonkswap_io) April 12, 2023
BonkSwap will become the go-to place for new Solana users to engage with Solana DeFi. We will motivate deep stablecoin liquidity, a major Solana Need.
We will build out support for bridged assets like wrapped Eth and BTC and make it easier than ever to onboard to Solana.
Bonk took center stage in the Solana ecosystem in January as sentiment around the blockchain network took a hit in the aftermath of the Sam Bankman-Fried and FTX exchange debacle.
BONK ran up as much as 3,200% in just three weeks, almost single-handedly inciting activity in the Solana ecosystem, as previously reported.
Bonk Inu is a team of 22 individuals with no singular leader, all of whom were involved in the inception of the project, CoinDesk learned from one of the several developers. All of them have previously built decentralized applications (DeFi), non-fungible tokens (NFT) and other related products on Solana.
Read More: Inside Bonk Inu: How 22 Developers Put the Shiba Inu Fun Into Solana and Away From FTX
As such, the team does not see itself as a or rival and points out BONK is already different from the gazillions of dog-themed meme coins already in the market.
“It's already more useful than either of those. There’s (not) much you can do with SHIB or DOGE on-chain,” a Bonk developer told CoinDesk in January, adding there are over 50 integrations with other projects for using BONK already in the first few weeks after issuance.
These integrations included use cases ranging from minting NFTs to using BONK to trading futures and options to betting with BONK at Solana-based decentralized casinos.
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