The total value locked on Emerald, Oasis’ Ethereum-compatible network, has crossed $100 million.
The majority of the total value locked is on a new decentralized exchange called YuzuSwap.
Oasis Network’s native token ROSE is soaring despite the rocky market conditions.
Share this article
Oasis Network’s DeFi ecosystem has crossed $100 million in total value locked, and its ROSE token is soaring.
Oasis DEX YuzuSwap Leads DeFi Ecosystem
Oasis Network, a Proof-of-Stake Layer 1 blockchain, is gaining traction.
The network’s native token, ROSE, is up 18.1% today, while its DeFi ecosystem has hit $100 million in total value locked.
In recent weeks, the majority of the activity on Oasis Network has been on an Ethereum-compatible subnetwork called Emerald. It currently hosts two decentralized exchanges: YuzuSwap and DuneSwap.
DeFiLlama data shows that the total value locked on Oasis’ Emerald has crossed $104 million, over $100 million of which is on YuzuSwap. The protocol launched Tuesday and saw a surge of activity within its first few hours.
The rapid rise in the value locked on YuzuSwap can be explained by its high annual percentage yields. Liquidity miners can currently earn 800% to 21,000% across four incentivized token pairs. It’s paying rewards in its native token, YUZU.
As Emerald is compatible with the Ethereum Virtual Machine, it offers a similar user experience to DeFi on Ethereum. That means traders can also use apps like YuzuSwap with popular Web3 wallets such as MetaMask. Users can also transfer funds from Ethereum and other Layer 1 networks using the Wormhole bridge.
Oasis Network has had a number of other major updates in recent weeks. On Tuesday, Binance’s venture capital arm announced it would be investing $40 million into the Oasis ecosystem fund. The Oasis Foundation announced the fund in November 2021, with participants including Dragonfly Capital Partners, Draper Dragon Fund, Jump Capital, and Pantera Capital. With Binance’s contributin, the fund has ballooned to $200 million.
ROSE has also benefited from the recent developments, not least in the last few days. Per data from CoinGecko, it’s up 34% this week, currently trading just under $0.47. It hit an all-time high price of $0.48 earlier today before a slight cool-off. The price surge comes despite bearish sentiment prevailing across the crypto market.
It is worth noting that several Layer 1 tokens have shown bullish momentum in recent weeks despite sluggish price action from the two leading crypto assets, Bitcoin and Ethereum. Fantom’s FTM is up 19.1% in the last 24 hours as DeFi users await the launch of a new automated market maker from Andre Cronje and Daniele Sestagalli, while Harmony and NEAR have respectively jumped 13% and 8.9%.
Bitcoin, meanwhile, has had a rocky start to the year. It’s currently trading at $43,422, roughly 37.3% short of its all-time high price.
Disclosure: At the time of writing, the author of this piece owned ETH, and other cryptocurrencies. Andre Cronje is an equity holder in Crypto Briefing.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Oasis Foundation Launches $160M Ecosystem Fund
Oasis Network, a privacy-focused blockchain that uses confidential smart contracts, is getting a $160 million fund to incentivize dApp development. Oasis Foundation Announces $160M Fund Oasis Foundation, the organization behind…
What Is NEAR Protocol? The Sharded Layer 1 Blockchain Explained
NEAR Protocol is a scalable, Proof-of-Stake network focusing on user accessibility. NEAR’s innovative sharding technology, unique transaction fee mechanism, and growing interoperability with other networks are helping the protocol grow…
Fantom, NEAR Ride Layer 1 Boom Into 2022
Fantom and NEAR are two of the latest Layer 1 coins to rally. Crypto Layer 1 Boom Continues Layer 1 hype isn’t dead yet. Several smart contract blockchains have seen…
Web3 – What it is, What it Means, and How We’ll Transition
We are at the dawn of a new era of the internet. Bit by bit, this new digital world, and all that it enables, will slowly become a part of…