Oasis partners Wormhole Network after announcing $160m fund

Oasis Protocol has confirmed that it has partnered with Wormhole – a communication bridge between Solana and other DeFi networks which has just announced a $160m DeFi fund.

Once live, DeFi users and developers will be able to migrate assets and liquidity between Oasis and some of the largest decentralized networks in crypto.

Jernej Kos, Director of the Oasis Foundation said Oasis is the leading privacy-enabled and scalable layer-1 blockchain, ideal for DeFi, and “the integration with Wormhole will significantly enable us to power more DeFi applications and use cases”.

“Wormhole’s decision is a big vote of confidence and testament to our work so far and future potential,” Kos said.

Wormhole continues to gain adoption as it recently crossed $700m in TVL after FTX natively integrated Wormhole into its UI – allowing users to move assets from Ethereum, BSC, Solana, Terra, and Polygon in a seamless fashion.

Spurring ecosystem development

Hendrik Hofstadt, Director Special Projects at Jump Crypto and former co-founder of Certus One, the lead contributor to Wormhole, noted that “Oasis joins the Wormhole network at an exciting time as it announces the injection of $160m to kickstart the growth of its DeFi and Metaverse ecosystem”.

“Wormhole will serve as the catalyst for new users and capital from connected networks to flood into Oasis and spur their ecosystem’s development,” he commented.

In November, Oasis announced the launch of its Ethereum Virtual Machine (EVM) compatible ParaTime, Emerald, to bring more DeFi, NFT and gaming dApps to the Network.

Avichal Garg, Founding Partner of Electric Capital commented having recently announced the new $160 million Oasis Ecosystem Fund, this new partnership with Wormhole is another significant milestone for Oasis.

“Scalability and privacy are critical to unlocking the true potential of DeFi and we are grateful to the Oasis ecosystem for enabling a more efficient and private web3,” he said.