The company behind the development of the Ethereum-based decentralized exchange, Uniswap Labs, recently announced the successful completion of a Series B. The funding round managed to raise $165 million to expand the protocol’s adoption and “make Web3 accessible to all.”
The popular decentralized exchange (DEX), Uniswap, is one of the most important platforms in the Ethereum ecosystem. In 2020, when the total locked value (TVL) of the largest DeFi protocols barely exceeded $10 billion, the protocol dropped its native token UNI out of the air and fueled a craze dubbed “DeFi Summer.”
Now the company behind the protocol will use the means to create “simpler, safer user experiences” to engage more users in DeFi and Web3. When the UNI token was launched and sent to every user who had ever interacted with their smart contract, institutions and people around the world saw the potential of these platforms to revolutionize the world.
After the UNI boom, people became interested in DeFi and later non-fungible tokens (NFTs) and their various applications. This wave of adoption eventually propelled crypto from the underground blockchain space into the mainstream and to a TVL of over $30 billion at its all-time high.
The $165 million raised in Series B exceeded expectations. As Bitcoin reported two weeks ago, the company wanted to raise at least $100 million in a $1 billion valuation from major crypto industry players.
Including Paradigm Venture Capital, SV Angel, Variant, Union Polychain Capital and a16z. The company wants to make Uniswap a “universal protocol” and take user accountability to the next level. Hayden Adams, the protocol’s inventor, wrote the following about their latest round of funding:
Now, Uniswap Labs is bringing the powerful simplicity and security that defined the Uniswap protocol to even more people around the world by investing in our web app and developer tools, introducing NFTs, moving to mobile—and more!
5/ We are incredibly grateful for the support of our exceptional community, our users, our team and our investors. This funding round was led by @PolychainCap, with participation from our long-time investors @a16z crypto, @Paradigm, @SVAngel, and @VariantFund 💖
— Uniswap Labs 🦄 (@Uniswap) October 13, 2022
Uniswap Labs website revamped, ready to become “Universal Protocol”.
Over the past few months, Uniswap has celebrated major milestones such as surpassing $1.2 trillion in all-time trading volume and establishing the Uniswap Foundation. The organization, sanctioned by UNI holders, was formed to support and help the Protocol’s ecosystem grow.
Additionally, the company behind the protocol has already started improving key components like its web app. The new features provide users with access to more data, market and price discovery, and search options to streamline the process of ERC-20 token exchange.
These improvements were implemented with the aim of turning the Ethereum DEX into a “universal protocol”, a one-stop shop for trading, market creation, liquidity pools and more. The team behind the protocol said:
These new features mean you don’t have to go from page to page to do DYOR (Do Your Own Research) and trade – our web app is a one-stop shop for research, detail and sharing.
UNI is trading sideways on the 4 hour chart. Source: UNIUSDT trade view
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