YuzuSwap, the first decentralized exchange on the Oasis Network, has witnessed massive adoption after its launch on January 11, indicating a growing need for decentralized financial (DeFi) protocols. YuzuSwap managed a total value locked-down (TVL) — also understood as the full value of assets staked on decentralized protocols — of $100 million (approximately Rs. 741.42 crore) within the first 24 hours of operation, according to the exchange. Over a 24-hour period, trading volumes reached $323 million (approximately Rs. 2,394.66 crore).
YuzuSwap was created with a smart contract ecosystem that is perfectly interoperable with the Ethereum Virtual Machine, Emerald by Oasis Network, a Layer-1 decentralized blockchain network designed to be uniquely scalable and versatile with privacy-focused at its core. YuzuSwap leverages a peer-to-peer automated market maker by pursuing low-cost token swaps offerings on Ethereum and within the Oasis ecosystem, and token and non-fungible token (NFT) asset transactions from six other blockchains through the Oasis Network.
YuzuSwap debuted on the same day that Binance Labs, the venture capital arm of the crypto exchange, announced its investment in Oasis Network’s $200 million (approximately Rs. 1482.84 crore) developer fund. The Oasis Ecosystem Fund, funded by Hashed, Jump Capital and Dragonfly Capital among others, was created to help businesses built on the Oasis Network get off the ground.
Binance Labs’ involvement resulted in positivity and a significant increase in the value of ROSE, Oasis Network’s native cryptocurrency. According to CoinGecko, ROSE has gained more than 25 percent in the past week and is trading above $0.50 (about Rs. 37.06) at the time of publication.
Oasis Foundation launched a $160 million ecosystem fund (approximately Rs. 1,186.19 crore) in November 2021 to help founders and developers of the Oasis network and ecosystem. Decentralized exchanges dominate the DeFi market in terms of total locked-in 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.
Oasis Foundation launched a $160 million ecosystem fund (approximately Rs. 1,186.19 crore) in November 2021 to help founders and developers of the Oasis network and ecosystem. Decentralized exchanges dominate the DeFi market in terms of total locked-in 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.
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