YuzuSwap, the First DEX on Oasis, Skyrockets in Popularity After Launch

YuzuSwap, the first decentralised exchange on the Oasis Network, has witnessed a tremendous adoption following its launch on January 11, indicating a growing need for decentralised finance (DeFi) protocols. YuzuSwap managed a total value locked (TVL) — also understood as the entire value of assets staked on decentralised protocols — of $100 million (roughly Rs. 741.42 crore) within its first 24 hours of operation, according to the exchange. Over a 24-hour period, trading volumes hit $323 million (roughly 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, which is a Layer-1 decentralised blockchain network designed to be uniquely scalable and versatile with privacy-focussed at its core. YuzuSwap makes use of a peer-to-peer automated market maker by aiming low-cost token swaps offerings on Ethereum and within the Oasis ecosystem, and token and non-fungible token (NFT) asset trades from six other blockchains through the Oasis Network.

YuzuSwap debuted on the same day that Binance Labs, the crypto exchange's venture capital arm, announced its investment in Oasis Network's $200 million (roughly Rs. 1482.84 crore) developer fund. The Oasis Ecosystem Fund, which is funded by Hashed, Jump Capital, and Dragonfly Capital, among others, was created to help enterprises built on the Oasis Network get off the ground.

The involvement of Binance Labs resulted in positivity and a significant increase in the value of ROSE, the native cryptocurrency of Oasis Network. As per CoinGecko, ROSE has gained over 25 percent in the last week and at the time of publishing, is trading above $0.50 (roughly Rs. 37.06).

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

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