Oasis Network’s First Decentralized Exchange Reaches $100m TVL in One Day
The OasisDEX has been released and is one of the first decentralized exchanges on Ethereum. The founders aim to change trading as we know it, offering a truly fair market place with no control from central authorities or middlemen.
The “oasis tvl” is a decentralized exchange that has reached $100m TVL in one day. The project was crowdfunded through the Oasis Protocol ICO and is set to launch on October 1st of this year.
YuzuSwap, a decentralized exchange (DEX), was just added to Oasis Network. Even though it has only been two days since the new project’s introduction on January 11, it has already gained significant traction. There is a significant need for DeFi protocols in the Oasis ecosystem, as seen by the increase in popularity, use, and the TVL.
YuzuSwap reached a TVL of $100 million on the first day after debut, according to the exchange’s announcement on Wednesday, January 12. The reading volume itself increased to $323 million within the same year, marking a significant milestone.
Success for YuzuSwap is not the only positive development for Oasis Network.
The first DEX on Oasis Network, YuzuSwap, was created utilizing the Emerald smart contract ecosystem. Emerald is renowned for being completely EVM compatible, enabling the DEX to employ a P2P AMM to provide users access to inexpensive token exchanges on Ethereum as well as inside the Oasis ecosystem. It also accepts token and NFT transfers from six other significant networks.
It’s also noteworthy that YuzuSwap went live on the same day that Binance Labs, the venture capital division of the Binance exchange, announced its investment in Oasis Network. Binance Labs made a specific investment in the network’s development fund, which has a $200 million size. Other significant venture capital companies, such as Dragonfly Capital, Hashed, and Jump Capital, support the Oasis Ecosystem Fund. The money will be used to kickstart Oasis Network initiatives and promote innovation and development in the ecosystem.
Along with this significant investment, the opening of the new DEX also aided in the expansion of Oasis Network’s native coin. This caused the price of the token, ROSE, to soar by 14.2 percent, hitting 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..49 in the first 24 hours. After then, the price increased even more, hitting 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..5261 on January 13th.
DeFi is still booming in 2022.
The token increased by more than 43% over the previous two weeks, 32% over the previous week, and more than 70% over the previous month, demonstrating the high level of interest in the network and its token.
Since it took off in the middle of 2020, the DeFi industry has been rapidly expanding. It includes a wide range of initiatives focused on various investing and decentralized banking-related activities, including staking, lending and borrowing, yield farming, and more, but its most important protocols are still decentralized exchanges.
According to yesterday’s statistics, 14 decentralized exchanges have reached TVLs of at least $1 billion. Of course, they are not the only ones as the DeFi industry expanded to $239.6 billion yesterday, January 12th, after seeing a 5.5 percent increase. In terms of staked asset value, the ATH was attained in December of 2021. It dropped since then, but even though it was very close to $260 billion at the time, it is possible that this record will be surpassed in the next weeks and months.
The “oasis network backers” is a decentralized exchange that allows users to trade in cryptocurrencies. The exchange reached $100m TVL in one day.