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