Oasis Network recently got its very first decentralized exchange (DEX), called YuzuSwap. The new project launched on January 11th, and while it has only been two days since then, it took off rather rapidly. This surge in popularity, usage, and the TVL shows that there is a major demand for DeFi protocols in the Oasis ecosystem.
During its first day after launch, YuzuSwap managed to hit a TVL of $100 million, according to the exchange’s report this Wednesday, January 12th. The reading volume itself reached a major milestone, going up to $323 million during the same period.
YuzuSwap’s success is not the only good news for Oasis Network
YuzuSwap is Oasis Network’s first DEX, and it was built using the network’s smart contract environment called Emerald. Emerald is known for being fully compatible with the EVM, allowing the DEX to use a P2P AMM to allow users low-cost token swaps on Ethereum and within the Oasis ecosystem alike. In addition, it also supports token and NFT transfers from six other major chains.
Another interesting thing to note is the fact that YuzuSwap launched on the same day when Binance exchange’s venture capital arm, Binance Labs, announced its investment into Oasis Network. To be precise, Binance Labs invested in the network’s development fund, which is around $200 million large. The Oasis Ecosystem Fund, as it is called, is backed by other major venture firms, including Dragonfly capital, Hashed, and Jump Capital. Its goal is to use the funds to bootstrap Oasis Network’s projects and contribute to the ecosystem’s growth and innovation.
The launch of the new DEX, alongside this major investment, also contributed to Oasis Network’s native token growth. The token, ROSE, skyrocketed by 14.2% as a result of this, reaching the price of $0.49 in the first 24 hours. Since then, it went up even higher, reaching the price of $0.5261 on Thursday, January 13th.
DeFi continues to blow up in 2022
The token went up by 32% in the last week, over 43% in the last two weeks, and by more than 70% in the last month, confirming that the network and its token are attracting a great amount of interest.
The DeFi sector has been skyrocketing ever since it blew up in mid-2020. While it features a variety of projects dedicated to all kinds of investment and decentralized banking-related activities, such as staking, lending and borrowing, yield farming, and more, its biggest protocols are still decentralized exchanges.
Yesterday’s data shows that 14 decentralized exchanges have managed to hit a TVL of at least $1 billion. They are not the only ones, of course, as the DeFi sector managed to grow to $239.6 billion after seeing a 5.5% rise yesterday, January 12th. As for the value of staked assets, the ATH was reached in late 2021, in December. At the time, it reached rather close to $260 billion, and while it did drop since then, it is likely that this record will be outperformed in weeks and months to come.
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