First DEX on Oasis Network hits $100M TVL in 24 hours

The successful launch of YuzuSwap on Oasis Network suggests that demand for decentralized exchanges continues to grow following a record-breaking 2021.

YuzuSwap, the first decentralized exchange operating on the Oasis Network, has seen rapid uptake since launching on Jan. 11, underscoring heightened demand for decentralized finance protocols. 

In its first 24 hours of operations, YuzuSwap achieved a total value locked, or TVL, of $100 million, the company reported Wednesday. Trading volumes over the 24-hour time frame reached $323 million. Within DeFi, TVL refers to the total value of assets being staked on decentralized protocols.

YuzuSwap was built using Oasis Network’s Emerald, a smart contract environment that is fully compatible with Ethereum Virtual Machine. The DEX uses a peer-to-peer automated market maker to provide users with low-cost token swaps on Ethereum and within the Oasis ecosystem. The DEX also supports token and nonfungible token asset transfers from six other blockchains via Oasis Network.

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

The positive newsflow contributed to a sharp rise in the value of ROSE, Oasis Network’s native token. ROSE was last seen trading above $0.49, having gained 14.2% over the past 24 hours. The token is up 43% over the past two weeks and 67% over the past month, according to data from Cointelegraph Markets Pro and TradingView.

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

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