The TVL of the first DEX on Oasis Network reaches $100 million in 24 hours

YuzuSwap, the first decentralized exchange to operate on the Oasis Network, has seen rapid adoption since its launch on Jan. 11, highlighting the rising demand for decentralized finance protocols.

In its first 24 hours of operation, YuzuSwap reached $100 million in total value locked (TVL), the exchange reported Wednesday. The trading volume in 24 hours reached 323 million US dollars. In DeFi, TVL refers to the total value of assets staked on a decentralized protocol.

YuzuSwap is built using Oasis Network's Emerald, a smart contract environment that is fully compatible with the Ethereum Virtual Machine. The DEX uses a peer-to-peer automated market maker to provide users with low-cost token swaps within the Ethereum and Oasis ecosystems, and supports token and non-fungible token assets from six other blockchains via the Oasis Network transfer.

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

The positive news flow has prompted a surge in the value of Oasis Network’s native token, ROSE. ROSE is up 14.2% in the past 24 hours and was last trading above $0.49. The token is up 43% in the past two weeks and 67% in the past month, according to data from Cointelegraph Markets Pro and TradingView.

Decentralized exchanges dominate the DeFi space in terms of total value locked. According to industry data provided by DeFi Llama, at the time of writing, 14 DEXs have achieved a TVL of at least $1 billion.

TVL highlights DeFi's explosive growth over the past 12 months Source: DeFi Llama

On Wednesday, the total TVL of the entire DeFi space increased by 5.5% to $239.6 billion. In early December, the value of assets pledged peaked at nearly $260 billion.

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