Uniswap Labs Raised Over $100 Million In New Funding
Table of contents
According to the sources, the business is in negotiations with several investors, notably Polychain and one of Singapore's sovereign funds, to acquire an equity round of $100 million to $200 million at a value of roughly $1 billion.
Uniswap Labs Intends to Boost Capabilities
The sources warned that since the round's negotiations have not reached their conclusion, the deal's conditions might significantly change. The increased financing reflects Uniswap's ambitious intentions to broaden its capabilities. According to DeFi Llama, the decentralized exchange controls 64% of all DEX volumes. And despite the market slump, the market valuation of the exchange protocol's token is about $5 billion.
Uniswap's Initial Introduction
Initially, Uniswap was introduced on Ethereum. However, it has since merged with several scaling solutions, including Optimism, Arbitrum, and Polygon. According to trading volume and total value locked (TVL), Uniswap is the largest decentralized exchange for cryptocurrencies. TVL is a popular but problematic statistic for calculating how much money circulates via a specific protocol.
Uniswap Labs secured its most recent investment round, a Series A, in August 2020. The company currently has a16z and Paradigm among its supporters. Uniswap Labs has recently announced intentions to offer many additional products. Uniswap Labs COO Mary-Catherine Lader stated that users are capable of trading NFTs on Uniswap from different markets due to one of the new offers.
Support for Ethereum Merge
Earlier this month, according to a statement, Uniswap would embrace the Merge and has no plans to support any forks of its web app. The web application (app.uniswap.org) would continue to function, although some users could experience temporary outages if one of the external networks (such as node providers) encounters downtime.