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- The bearish crypto market has frightened the retail investors, but it has not scared off venture capitalists seeking to fund DeFi projects.
- Uniswap publicized its recent hike of $165 million today, led by Polychain Capital.
Introducing Polychain Capital in the Series B funding round are a16z crypto, Paradigm, SV Angel, and Variant.
“I am very excited to publicize that we have generated $165 million in Series B funding,” Uniswap founder Hayden Adams revealed in a post publicizing the hike.
Last month, TechCrunch revealed that the then ongoing round could estimate in between $100 million and $200 million, with a Singapore-based investment fund and Polychain bound in the deal. The recent round provides Uniswap with a $1.6 billion estimation.
“When I created the Uniswap Prrotocolin 2018, it was a test to see if I can make something that completely personified the beliefs of Ethereum: transparent, secure and approachable,” Adams explained.
A Decentralized exchange or DEX is an app that permits the users to trade crypto straightly with each other without using a third party. Uniswap is an Ethereum-based DEX that permits users to swap ERC-20 tokens.
The peer-to-peer quality of these exchanges has made them a well-known option for traders seeking for a more personal way to trade, but DEXes have also been the very famous aim of cyber criminals.
In July, a cybercriminal was capable of gaining $8 million in funds theft by a hacking fraud aiming Uniswap users. On October 1st, $23 million was looted from a rival decentralized exchange, Transit Swap.
Adams highlights
Adams highlighted to the introduction of the Uniswap Foundation as an example of a carried-on community back around Uniswap, stating it embodies what a decentralized community can get that a personal company can’t on its own.
“The governance community newly voted to make the Uniswap Foundation, which will donate to the Protocol’s decentralized development and give minimum $60 million in donation to community projects in the coming few years,” Adams admits.
From its introduction, Adams said, Uniswap has developed and matured and backed $1.2 trillion in trading volume.
“I am so thankful for the support of our amazing community, clients, investorsmand tram,” Adams stated, “and I can not wait to reveal more in the upcoming months.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
