The recent bear market in cryptocurrency has undoubtedly increased the number of retail traders or investors staying off the market. But it seems to be a good season for venture capitalists as they look to fund DeFi projects. Amongst these venture capitalists are Uniswap, and the company has revealed that it experienced a $165 million today, led by Polychain Capital.
The lead participant in this Series B funding was Polychain Capital; others were SV Angel, Paradigm, Variant, and a16z crypto are part of it. While making the announcement, Uniswap founder Hayden Adams said: “I’m delighted to reveal that we’ve gained $165 million in Series B funding,”.
He expressed his excitement about the success of the recent raise amid the bear season. A September 2022 report from startup and tech news platform, TechCrunch, predicted that the funding round could yield about $100 million to $200 million for Uniswap.
Hayden Adams also shared reasons for creating the Uniswap Protocol. He said: “When I created the Uniswap Protocol in 2018, I wanted to build something that fully encompasses the full ethos of Ethereum: transparency, security, and accessibility for users,”.
Uniswap’s Development And Struggles
Any application or website that allows cryptocurrency users to trade their coins without needing an intermediary’s services is known as a decentralized exchange or DEX. Uniswap is one of the world’s top DEX, and the company allows only its registered users to swap ERC-20 tokens as it’s built on an Ethereum network.
These decentralized exchanges employ the use of a peer-to-peer system of trading among users. The platform allows its users to trade more securely and privately. However, cybercriminals have been attacking users’ wallets on these decentralized exchanges. There have been cases of funds stealing and wallet hacking in these exchanges.
In July 2022, Uniswap users were targets of a phishing scam that resulted in stealing funds worth $8 million. Also, earlier this month, Transit Swap had $23 million stolen from their company by cyber criminals. Uniswap’s founder once stated that his company plans on creating a community known as Uniswap Foundation. It will act as a support system around Uniswap to support projects built on the decentralized platform.
According to him, the foundation will give at least $60 million in grants to community projects. Adams said: “The governance community recently accepted to build the Uniswap Foundation, to act as a contributor to the Protocol’s decentralized development and offer at least $60 million in grants to community projects over the next few years,”.
Also, NFT Metaverse News has revealed today via Twitter that the number of Ethereum wallets with more than one ETH has reached an all-time high of more than 1.589 million.
NFT Metaverse’s tweet. Source: Twitter.
— NFT Metaverse News (@NftMeta_News) October 13, 2022