Decentralized exchange Uniswap is now valued at $1.600 billion, following the closing of its $165 million Series B funding round last week.
Uniswap founder Hayden Adams welcomed the support his DeFi protocol has received from the crypto community and large companies and investors.
Uniswap recently closed one of the largest funding rounds held within the DeFi ecosystem, raising $165 million from top venture capitalistsThe decentralized protocol's investment round was led by Polychain Capital. Other major companies and investors also participated, including Andreessen Horowitz, through its crypto investment arm a16z Crypto, Paradigm, Variant and SV Angel.
In light of the success achieved during this Series B investment round, the founder of Uniswap commented that his protocol, which he created as “an application that fully incorporates the values of Ethereum,” has grown more than he could have imagined in these last 4 years.
Uniswap Labs, the organization overseeing the development of the Uniswap protocol, stated that the funds raised during this investment round will be used to bring the powerful simplicity of the DeFi protocol to more people around the world. The goal is to onboard the next billion users to decentralized finance (DeFi) and Web1.000, through a simpler, safer, and more accessible user experience.
What is Uniswap?
Uniswap was launched in November 2018 as a protocol designed to facilitate the automated exchange of tokens from the Ethereum ERC-20 standard. Today, however, it has become “a critical public infrastructure for the exchange of digital value,” as Adams said.
Currently, Uniswap is the leading decentralized exchange (DEX) in the crypto industry by trading volume, moving more than $370 million a day in transactionsThis represents 67% of the total volume moving through DEXs and 1.200% more than the daily volume generated by DODO, the second most used DEX in the crypto industry. All of this data was taken from blockchain analytics platform Dune Analytics, at the time of writing this article.
Source: Dune Analytics
Is Uniswap jumping into NFTs?
In his tweet, Adams wrote that Uniswap will soon introduce a number of new and interesting projects, which will strengthen and help further develop their own ecosystem. However, a blog post by Uniswap Labs mentions the NFT as one of the developments that the protocol is focusing on for the future.
Also, according to Fortune magazine, which interviewed Adams, Uniswap will include the construction of an NFT aggregator. This is in order to unlock new interactions.
According to Adams, the new developments Uniswap Labs is working on will help expand Uniswap’s current product offering, to make Web3 more accessible to everyone and allow the organization to be financially sustainable in the years to come. Adams clarified that Uniswap Labs is currently not profitable.
On the other hand, the founder of Uniswap also highlighted that despite the current bear market, where large centralized projects such as Celsius Network and Voyager Digital have failed, DeFi continues to stand, which has strengthened investor confidence in the ecosystem.
Continue reading: Why did the Uniswap community approve the creation of a Foundation?
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