Binance Provides Support to Layer 1 Blockchain Project Oasis Network

Oasis network is a layer 1 blockchain project using the Proof-of-Stake consensus model. Recently, the native token of Oasis network ROSE has shown significant improvement in price appreciation. The DeFi ecosystem of Oasis has also crossed the crucial $100 million TVL evaluation recently.

According to data from CoinMarketCap, the ROSE token has increased by 18.1% on the intraday trade. On the other hand, the total value locked or TVL for DeFi platforms operating on Oasis has reached $104 million. The epicenter for DeFi activity at the Oasis network is Emerald, an EVM-compatible subnetwork. Emerald supports two major DEX platforms namely DuneSwap and YuzuSwap.

YuzuSwap was launched recently and within a few hours; it was able to acquire a massive TVL of $100 million. It has become the biggest staking pool for Emerald recently. The main reason for the traction and popularity of the YuzuSwap is the considerably higher percentage yields every year. The average returns for liquidity miners are set from 800% to 21k% for paired incentive token staking.

The mode of yield returns is in the form of a YUZU token native to YuzuSwap. Due to the EVM compatibility of Emerald, many users are choosing it as a substitute for the Ethereum DeFi experience. Furthermore, YuzuSwap is also compatible with popular Web 3.0 digital wallet projects like MetaMask. The wormhole bridge allows users to make transfers to and from Ethereum and other Layer 1 blockchain projects.

The Binance network recently announced a research and development stipend of $40 million for the Oasis network. Recently, Oasis developers are planning to add many updates to the network for the current year. Some of the other important contributors to the Oasis network are Draper Dragon Fund, Dragonfly Capital Partners, and Pantera Capital. Thus far, the total funding claimed by Oasis network has reached $200 million.

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