YuzuSwap is the first decentralized exchange to operate on the Oasis Network and has seen rapid adoption since its launch on January 11, highlighting rising demand for the decentralized finance protocol.

YuzuSwap’s total value locked (TVL) reached $100 million within its first 24 hours of operation, the exchange reported on Wednesday.

Trading volume in 24 hours reached $323 million.

In DeFi, TVL refers to the total value of assets pledged on a decentralized protocol.

YuzuSwap is built using Oasis Network’s Emerald, a smart contract environment that is fully compatible with the Ethereum Virtual Machine.

This DEX uses a peer-to-peer automated market maker to provide users with low-cost token exchange within the Ethereum and Oasis ecosystems, and supports token and non-fungible token assets from six other blockchains through the Oasis Network

transfer.

On the same day that YuzuSwap launched, Binance Labs, the venture capital arm of cryptocurrency exchange Binance, announced that it had invested in Oasis Network’s $200 million developer fund.

The Oasis Ecosystem Fund, which is also backed by venture capital firms Hashed, Jump Capital and Dragonfly Capital, is designed to guide projects built on the Oasis Network.

The positive news flow caused the value of Oasis Network’s native token ROSE to surge.

ROSE is up 14.2% in the past 24 hours and was last traded above $0.49.

The coin is up 43% in the past two weeks and 67% in the past month, according to data from Cointelegraph Markets Pro and TradingView.

Decentralized exchanges dominate the DeFi space in terms of total value locked.

According to industry data provided by DeFi Llama, at the time of writing, 14 DEXs have achieved at least $1 billion in TVL.

On Wednesday, total TVL across the DeFi space increased by 5.5% to $239.6 billion.

In early December, the value of pledged assets peaked at nearly $260 billion.