YuzuSwap, The First Decentralized Exchange on Oasis, Overtakes $100 Million TVL Within 13 Hours of Launch

YuzuSwap, the first decentralized exchange on the Oasis Network, saw tremendous adoption following its launch on January 11, showing the growing demand for decentralized finance protocols. central (DeFi). YuzuSwap managed a total locked value (TVL) – also understood as the total value of assets placed on decentralized protocols – of $100 million (approximately Rs 741.42) within the first 24 hours active, according to the exchange. In a 24-hour period, the trading volume reached $323 million (approximately 2,394.66 crore).

YuzuSwap is created with a smart contract ecosystem that can perfectly interoperate with the Ethereum Virtual Machine, Emerald by Network Oasis, is a Layer-1 decentralized blockchain network designed to be uniquely scalable and flexible with a focus on privacy at its core. YuzuSwap uses a peer-to-peer automated market maker by targeting low-cost token swaps on Ethereum and in the Oasis ecosystem, and the token and token assets are non-fungible. NFTs are transacted from six other blockchains via the Oasis Network.

YuzuSwap launched on the same day that Binance Labs, the venture capital arm of the crypto exchange, announced its investment in a $200 million developer fund (approximately Rs. 1482.84 crore). by Oasis Network. The Oasis Ecosystem Fund, funded by Hashed, Jump Capital and Dragonfly Capital, among others, was established to help businesses built on the Oasis Network thrive.

The participation of Binance Labs has resulted in the positivity and significant increase in the value of ROSE, the native cryptocurrency of the Oasis Network. According to CoinGecko, ROSE was up more than 25% in the last week and, at the time of publication, is trading above $0.50 (about Rs 37.06).

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

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