YuzuSwap, The first decentralized exchange to operate on the Oasis Network, it has seen rapid acceptance since its launch on January 11, highlighting the growing demand for decentralized finance protocols.
In its first 24 hours of operation, YuzuSwap reached a total locked value, or TVL, of $ 100 million, the company reported Wednesday. Trade volumes in that 24-hour period reached USD 323 million. Within DeFi, TVL refers to the total value of assets staked in decentralized protocols.
YuzuSwap was built using Emerald from Oasis Network, a smart contract environment that is fully compatible with the Ethereum virtual machine. The DEX uses an automated peer-to-peer market maker to provide users with low-cost token exchanges on Ethereum and within the Oasis ecosystem. The DEX also supports token and non-fungible token asset transfers from six other blockchains via the Oasis Network.
YuzuSwap was launched on the same day that Binance Labs, the venture capital arm of cryptocurrency exchange Binance, announced that it had invested in the Oasis Network’s developer fund of $ 200 million. The Oasis Ecosystem Fund, which is also backed by venture capital firms Hashed, Jump Capital and Dragonfly Capital, among others, was designed to drive projects based on the Oasis Network.
The positive news flow contributed to a sharp increase in the value of ROSE, the native Oasis Network token. The last time ROSE was seen it was above $ 0.49, having gained 14.2% in the last 24 hours. The token is up 43% in the last two weeks and 67% in the last month, according to data from Cointelegraph Markets Pro and TradingView.
In terms of total locked value, decentralized exchanges dominate the DeFi sector. At the time of writing, 14 DEXs had reached a TVL of at least $ 1 billion, according to industry data provided by DeFi Llama.
Total TVL in the DeFi sector increased 5.5% on Wednesday, to $ 239.6 billion. The value of staked assets peaked at $ 260 billion in early December.
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