Uniswap Labs, the startup behind the popular decentralized exchange protocol, has raised a whopping $165m in its Series B round from top venture capitalists valuing the DeFi giant at a massive $1.66b.
How Did It Get Here?
Uniswap Labs was founded in 2018 by former Ethereum Foundation grantee, Hayden Adams. Adams had initially developed the protocol in August 2020 as a decentralized alternative to existing exchanges. With its focus on liquidity, Uniswap surged quickly as the go-to protocol for Ethereum-based projects and users keen to exchange tokens.
Today, Uniswap has become the world’s largest decentralized exchange by total volume, handling $42.2 billion in the last 30-day total volume. Its success is such that it is widely credited for kickstarting the DeFi revolution as more and more users flocked to the platform for its seamless user interface and reliable liquidity.
Valuations & Series B
Uniswap raised $11m in its Series A funding round. It then secured a whopping $165m in its Series B by top venture capitalists, catapulting Uniswap’s valuation to a staggering $1.66b.
The massive raise can be attributed to Uniswap’s rapid success and its core strength; its user adoption. With its user base growing exponentially, Uniswap has quickly become the go-to platform for decentralized exchanges.
What Does Uniswap Do?
Uniswap is a decentralized protocol that allows users to exchange ERC-20 tokens. It utilizes an automated market maker system to provide liquidity and allows users to quickly and easily swap tokens with minimal slippage.
The key advantage of Uniswap is its simplicity. Users can access Uniswap’s platform through an easy-to-use interface, without requiring any technical knowledge. This means users can swap tokens in a trustless manner and without counterparty risk.
The massive increase in funding for Uniswap reaffirms the platform’s strength and its position as the leading decentralized exchange. With its user adoption growing exponentially, and its easy-to-use interface, Uniswap has rapidly become the go-to platform for decentralized exchanges. The platform’s success is celebrated and its $165m raise sets a new milestone in the DeFi revolution.
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