Layer 1 Coin Oasis Surges on DeFi Growth, Binance Support

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  • The total value unlocked on Emerald, the Ethereum-compatible Oasis network, has exceeded $100 million.
  • The majority of the total value locked in is on a new decentralized exchange called YuzuSwap.
  • The original ROSE token of the Oasis Network is soaring despite rocky market conditions.

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The Oasis Network’s DeFi ecosystem has exceeded $100 million in total locked value, and its ROSE token is on the rise.

Oasis DEX YuzuSwap Leads the DeFi Ecosystem

The Oasis Network, a Layer 1 Proof of Risk blockchain, is gaining momentum.

The network token, ROSE, is up 18.1% today, while the DeFi ecosystem has reached $100 million in total locked value.

In recent weeks, the majority of activity on the Oasis network has been on an Ethereum-compatible subnet called Emerald. It currently hosts two decentralized exchanges: YuzuSwap and DuneSwap.

DeFiLlama data shows that the total value booked on Oasis’ Emerald has exceeded $104 million, more than $100 million of which is on YuzuSwap. The protocol began on Tuesday and saw an uptick in activity during the first few hours of it.

The rapid rise in the closed value on YuzuSwap can be explained by the high annual rate of return. Currently, liquidity miners can earn 800% to 21,000% across four catalytic coin pairs. It pays the rewards with its native token YUZU.

Since Emerald is compatible with the Ethereum Virtual Machine, it provides a user experience similar to DeFi on Ethereum. This means that traders can also use apps like YuzuSwap with popular Web3 wallets like MetaMask. Users can also transfer funds from Ethereum and other Layer 1 networks using the Wormhole Bridge.

Oasis has received a number of other major updates in recent weeks. On Tuesday, the venture capital arm of Binance announced that it would invest $40 million in the ecosystem’s Oasis 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 contribution, the fund swelled to $200 million.

ROSE has also benefited from recent developments, not least in the past few days. According to data from CoinGecko, it is up 34% this week and is currently trading at less than $0.47. It reached an all-time high of $0.48 earlier today before a slight calm. The price hike comes despite the bearish trend prevailing in the cryptocurrency market.

It is worth noting that several Layer 1 coins have shown upward momentum in recent weeks despite the slow price movement of the two leading crypto assets, Bitcoin and Ethereum. Fantom’s FTM stock is up 19.1% in the past 24 hours as DeFi users await the launch of a new automated market maker from Andre Cronje and Daniele Sestagalli, while Harmony and NEAR respectively jump 13% and 8.9%.

Meanwhile, Bitcoin has had a rough start to the year. It is currently trading at $43,422, roughly 37.3% below its all-time high.

Disclosure: At the time of writing, the author of this article owns ETH and other cryptocurrencies. Andre Cronje is a shareholder in Crypto Briefing.

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