BiShares

Description sourced from DeFiLlama's protocol metadata; teams submit their own copy when listing.

BiShares's governance or utility token carries a market capitalisation of $10.1K based on circulating supply at the latest DeFiLlama snapshot. The market is pricing the token ($10.1K) above the protocol's on-chain TVL ($6.3K) — a mcap/TVL multiple of 1.61× implies investors are paying for expected future fee flows rather than current deposits alone.

Market cap and supply figures are sourced from DeFiLlama's price feed (which reconciles CoinGecko, CoinMarketCap, and on-chain DEX prices). Treasury and staking values reflect on-chain balances controlled by the protocol at last sync.

Major events flagged by the DeFiLlama community — protocol launches, exploits, governance changes, and incentive programs.

1. Oct 29, 2021
   Listed on DeFiLlama

BiShares is a Indexes — a decentralised exchange where users swap assets against on-chain liquidity pools rather than a central order book. It is deployed across 2 chains, including Binance, Fantom. The codebase has been independently audited (2 reports on file).

BiShares operates on 2 networks (Binance, Fantom), keeping its surface area narrower than chain-agnostic peers. Its TVL is heavily concentrated on Binance, which holds 98% of all assets — other deployments are comparatively small. Two audit reports are published on DeFiLlama, which is in line with typical practice for protocols at this scale. Its token market cap ($10.1K) currently exceeds total value locked ($6.3K) — a mcap/TVL ratio of 1.61 suggests the market is pricing in more growth than current deposits support.

Verified external resources for BiShares — use these to read the source code, follow governance discussions, or cross-check on-chain data against the original team's channels.

BiShares is one of 7 Indexes protocols Mantapex tracks in this category. Direct peers ranked by total value locked include Mantle Index Four Fund, Reserve Protocol, SoSoValue Indexes, and 3 more. These peer protocols collectively secure $532.1M in deposits, giving you a frame of reference for whether BiShares's own TVL is at the top, middle, or tail of the category.

Mantle Index Four Fund

TVL $141.4M · 24h +1.11%

Reserve Protocol

TVL $118.1M · 24h +0.11%

SoSoValue Indexes

TVL $96.9M · 24h +0.24%

Enzyme Finance

TVL $91.4M · 24h -0.28%

Bwatch

TVL $58.3M · 24h 0.00%

dHEDGE Vaults

TVL $26M · 24h +0.21%