First DEX on the Oasis Network hits a total blocked value of $ 100 million in 24 hours

YuzuSwap, As the first decentralized exchange to operate on the Oasis Network, it has seen rapid adoption since its launch on Jan. 11, underscoring the growing demand for decentralized financial protocols.

In its first 24 hours of operation, YuzuSwap hit a Total Locked Out Value (TVL) of $ 100 million, the company reported on Wednesday. Trading volume reached in this 24 hour period $ 323 million. Within DeFi, TVL refers to the total value of assets deployed in decentralized logs.

YuzuSwap was created with emerald from Oasis Network, a smart contract environment fully compatible with the Ethereum virtual machine. The DEX uses an automated peer-to-peer market maker to offer users a low-cost token exchange on Ethereum and within the Oasis ecosystem. The DEX also supports token and non-fungible token asset transfers from six other blockchains over the Oasis Network.

First DEX on the Oasis Network hits a total blocked value of $ 100 million in 24 hours
First DEX on the Oasis Network hits a total blocked value of $ 100 million in 24 hours

YuzuSwap launched on the same day that Binance Labs, the venture capital arm of the Binance cryptocurrency exchange, announced it had invested $ 200 million in the Oasis Network’s developer fund. The Oasis Ecosystem Fund, which is also supported by venture capital firms Hashed, Jump Capital and Dragonfly Capital, was developed to advance projects based on the Oasis network.

The positive news flow contributed to a strong increase in the value of ROSE, the native Oasis Network token. The last time ROSE was seen it was above $ 0.49 after gaining 14.2% in the past 24 hours. According to data from Cointelegraph Markets Pro and TradingView, the token is up 43% in the past two weeks and 67% in the last month.

In terms of total blocked value, decentralized exchanges dominate the DeFi sector. At the time of writing, 14 DEXs had hit a TVL of at least $ 1 billion, according to industry data from DeFi Llama.

The TVL highlights DeFi’s explosive growth over the past 12 months. Source: DeFi Lama

Total TVL in the DeFi sector rose 5.5% on Wednesday to $ 239.6 billion. The value of staked assets peaked at $ 260 billion in early December.

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