The First DEX On Oasis Network Reached $100M TVL In One Day

The first DEX on Oasis Network reached $100 million total value locked in one day and it seems that the demand for decentralized exchanges is growing in 2022 as well so let’s take a closer look at today’s blockchain news.

YuzuSwap is the first DEX on Oasis Network which saw rapid uptake since the launch in January, outlining the demand for decentralized finance protocols. In the first 24hours of operation, YuzuSwap achieved a total value locked of $100 million, and the trading volumes over the 24-hours reached $323 million. Within DEFI, the TVL refers to the total value of assets being staked on the decentralized protocols. YuzuSwap was built using Oasis NEtwork’s Emerald which is a smart contract environment that is compatible with the Ethereum Virtual Machine. The DX uses a peer-to-peer automated market maker to provide the users with low-costs token swaps on Ethereum in the Oasis Ecosystem and support of tokens and NFTs asset transfers from six other blockchains on the network.

YuzuSwap launched on the same day that Binance Labs as a venture capital arm of the Binance crypto exchange announced that it had invested in the Oasis Network $200 million development fund and the fund also is being backed by venture firms Hashed, Jump Capital, and Dragonfly Capital with a goal to bootstrap projects that are built on the Oasis network. The positive newsflow contributed to a sharp increase in the value of ROSE which is the native token of the Oasis Network. ROSE was seen trading above $0.49 gained 14.2% over the past 24 hours. The token is up 43% over the past two weeks and another 67% over the past month as per the data from Tradingview.

In terms of total value locked, the decentralized exchanges dominate the DEFI sector and 14 DEXs achieved a TVL of $1 billion. The total TVL in the DEFI sector increased 5.5% to $239 billion with the value of the assets staked reaching close to $260 billion.

As recently reported, The high transaction costs were a thorn in the eye of the top blockchain protocols for years as both BTC and ETH saw the average cost of conducting token transfers that surge in times of network congestion and high demand. One layer-one protocol was gaining traction over the past few months, it seeks to offer a low-cost solution to high fees is the OSasis Network which is a privacy-focused blockchain that was built using the Cosmos SDK and designed for open finance and data economy.