YuzuSwap, the first decentralized exchange on Oasis, surpasses $100M TVL within 13 hours of launch

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YuzuSwap, the first decentralized exchange on the Oasis network, has seen tremendous adoption since its launch on Jan. 11, indicating a growing need for decentralized finance (DeFi) protocols. According to the exchange, YuzuSwap managed a total locked value (TVL) – also understood as the total value of assets deployed on decentralized protocols – of US$100 million (around Rs.741.42 billion) within the first 24 hours of operation. Over a 24-hour period, the trading volume reached US$323 million (approximately Rs.2,394.66 crore).

YuzuSwap was built with a smart contract ecosystem perfectly interoperable with Oasis Network’s Ethereum Virtual Machine Emerald, a decentralized Layer 1 blockchain network uniquely scalable and versatile, with a privacy-focused core. YuzuSwap leverages an automated peer-to-peer market maker by facilitating low-cost token swap offerings on Ethereum and within the Oasis ecosystem, as well as trading tokens and non-fungible tokens (NFT) from six other blockchains via the Oasis network offers.

YuzuSwap debuted on the same day that Binance Labs, the crypto exchange’s venture capital arm, announced its US$200 million (around Rs.1482.84 billion) investment in Oasis Network’s developer fund. The Oasis Ecosystem Fund, funded by Hashed, Jump Capital and Dragonfly Capital, among others, was established to help launch companies building on the Oasis network.

Binance Labs’ participation led to positive sentiment and a significant increase in the value of ROSE, Oasis Network’s native cryptocurrency. According to CoinGecko, ROSE is up over 25 percent over the past week and is trading above $0.50 (approximately Rs. 37.06) at press time.

The Oasis Foundation launched a US$160 million (approximately Rs.1,186.19 crore) ecosystem fund in November 2021 to support founders and developers in the Oasis network and ecosystem. Decentralized exchanges dominate the DeFi market in terms of total locked value. According to the data released by DeFiLlama, 14 DEXs have reached a TVL of at least US$1 billion (approx. Rs.7,413.71 billion) at the time of publication.

The Oasis Foundation launched a US$160 million (approximately Rs.1,186.19 crore) ecosystem fund in November 2021 to support founders and developers in the Oasis network and ecosystem. Decentralized exchanges dominate the DeFi market in terms of total locked value. According to the data released by DeFiLlama, 14 DEXs have reached a TVL of at least US$1 billion (approx. Rs.7,413.71 billion) at the time of publication.

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