According to reports, the development team behind Uniswap, the biggest exchange on DeFi, is on course to become the next crypto unicorn.
As per TechCrunch, the round could total between $100 million and $200 million, with Polychain and a Singapore-based sovereign investment fund involved. The transaction would value Uniswap at $1 billion.
Heavy hitters like a16z, USV, Paradigm, and even Coinbase have invested in Uniswap Labs in the past. In a Series A funding round, the project received $11 million in 2020.
The crypto project’s development team, Uniswap Labs, has not yet responded to Decrypt’s request for comment.
By volume traded and total value locked, Uniswap is the biggest decentralized exchange for cryptocurrencies (TVL).
One of crypto’s preferred, albeit problematic, metrics to gauge how much money is flowing through a particular protocol is the TVL.
The exchange hosted over $1 billion in volume traded, and it currently controls a TVL of over $5 billion across its various pools, according to data dashboard DeFi Llama.
Although Uniswap was initially introduced for Ethereum, it has since been integrated with Optimism, Arbitrum, and Polygon, among other scaling solutions.
In comparison to its more powerful centralized competitors, Uniswap still needs to catch up.