Trading volume on ICPSwap surges to an all-time high of $2M, fueled by the popular BOB Token.
The decentralized exchange platform ICSwap has experienced a remarkable surge in activity on the Internet Computer Protocol (ICP) network, with deposits growing by over 77% in the past month. This growth contrasts starkly with a 13% decline in deposits seen at Sonic, the largest DEX on ICP.
ICSwap's total value locked (TVL) currently stands at over $8.5 million, making it the second-largest DEX on the ICP network. The ICP blockchain aims to provide a secure and decentralized platform for various applications, including decentralized finance (DeFi), artificial intelligence (AI), and more.
The recent surge in ICSwap volume is primarily driven by the tokens BOB, DCD, and ckUSD. In fact, BOB has become the most traded token on ICSwap, with weekly volume exceeding $2.6 million. The interest in BOB has fueled its price on ICSwap, which soared from $0.1 on September 7 to $3.1 on September 11 before correcting to $1.21.
The BOB/ICP pool's annual percentage rate (APR) has surged by over 1,200% over the past week. ICSwap processed record transaction volumes of $2.17 million on September 10.
DecideAI (DCD), an ICP-based artificial intelligence (AI) ecosystem focused on Large Language Models (LLMs), also has a weekly volume exceeding $1 million on ICSwap. ckUSDC, a stablecoin on the ICP blockchain network, follows closely with a weekly volume also exceeding $1 million on ICSwap.
The ICP blockchain network is unique in that it uses a new consensus algorithm, the Internet Identity Protocol (IIP), which allows for fast and secure transactions. This network has been growing in popularity, with several new projects and tokens being introduced and added to decentralized exchanges on the network.
Sonic, the largest DEX on ICP, boasts a TVL of over $10 million. The public blockchain network ICP, aiming to replace the traditional IT stack and rethink the Internet, has a market cap of almost $4 billion.
While the exact reasons for the significant increase in ICSwap volume, particularly for the token BOB, in mid-September are not yet clear, it is common for such spikes to be driven by factors like new token listings, major announcements, partnerships, protocol upgrades, or community-driven events (e.g., liquidity mining incentives, airdrops, or governance proposals). To find more precise reasons, it is recommended to check ICSwap's official channels or community discussions around mid-September 2025.
BOB was introduced on ICP on September 4 and added to ICSwap a few days later. BOB operates on a layer 2 network on the ICP, called BOB, which uses a Proof of Work consensus algorithm.
The ICP blockchain network continues to attract attention and investment, with its unique features and growing ecosystem making it an exciting space to watch in the world of DeFi and beyond.
- The surge in news about ICSwap's activity on the Internet Computer Protocol (ICP) network has been significant, with a focus on the tokens BOB, DCD, and ckUSD, particularly the rise of BOB, which has become the most traded token on ICSwap and seen a dramatic increase in price.
- Amidst the growth of DeFi applications on the ICP blockchain, technology-centric projects like DecideAI (DCD) and ckUSDC, a stablecoin, have also gained prominence, with weekly volumes exceeding $1 million on the second-largest DEX, ICSwap.
