YuzuSwap raises $2m to bring new features to Oasis network

YuzuSwap, the first decentralised exchange (DEX) built on Emerald, the Oasis Network’s EVM-compatible ParaTime, has raised $2m to bring features like Dual Yield and an IDO/IFO launchpad to the Oasis Network in January 2022.

David Toh, Partner at Mirana Ventures described the announcement as ‘just the beginning’.

“As a partner of Oasis Ecosystem Fund, we are looking forward to a robust, vibrant DeFi ecosystem on Oasis,” he said.

Founded by a group of DeFi early adopters, the YuzuSwap team said it is focused on bringing the DeFi user experience to a whole new level through the “low cost, high throughput, and instant finality features native to Emerald”.

Funds were raised from the $160m Oasis Ecosystem Fund partners: QCP Capital, FBG, Mirana Ventures, NGC Ventures, Signum Capital, and Simply VC.

The team also received a grant from the Oasis Foundation early this year.

Easier integration with DeFi

With the goal of bringing an AMM DEX to Emerald, YuzuSwap aims to become the cornerstone of the Oasis DeFi ecosystem, allowing ROSE token holders to trade bridge-over assets such as BTC, ETH, and native tokens like YUZU and ROSE in a non-custodial way.

As the network’s default ParaTime for EVM-based dApps, Emerald allows for cross-chain interoperability and offers full EVM compatibility and easy integration with DeFi.

The Oasis Network is scalable and, therefore, optimised for DeFi due to its instant finality, 99% lower gas fees versus Ethereum, high throughput, privacy protection, and defence against MEV.

YuzuSwap launched on Emerald Testnet in early December 2021 and had close to 90k users register to experience it.

During the first three days of launch, more than 12k users interacted with the smart contract over 70k times.

The smart contract is audited by Peckshield and will be audited by Verilog as well.