A host of companies have been expanding their reigns in the crypto-verse of late. Right from offering new products to acquiring funding and branching out—different organizations have been treading on different paths with the same goal. In the latest development, Uniswap plans to expand its already existing reigns. Per a recent report from TechCrunch, Uniswap Labs is in the “early stages” of putting together a new funding round.
It is reportedly engaging with a number of investors—including Polychain and one of Singapore’s sovereign funds—to raise an equity round of $100 million to $200 million at a valuation of about $1 billion.
According to TechCrunch’s unnamed sources, the deliberations of the round haven’t reached the final stages. As a result, the terms of the deal may change going forward.
In August 2020, Uniswap Labs raised $11 million in its Series A funding round led by Andreessen Horowitz. Additional investments were received from USV, Paradigm, Version One, Variant, Parafi Capital, SV Angel, and A.Capital.
Uniswap’s say in the market
Uniswap, as such, has a strong command of the DEX market. Per data from CoinGecko, Uniswap (v3) has a market share of 45.2% in trade volume and is followed by Curve (Ethereum), PancakeSwap (v2), and DODO who comparatively have lesser shares.
In fact, Uniswap on Polygon, Optimism, and Arbitrum also constitute 5.2%, 2.8%, and 2.6% of the total decentralized exchange trade volume.
As analyzed in a recent article, there have been a few instances where the volume settled on Uniswap was close to centralized exchange Coinbase’s numbers. In fact, they were competing neck-in-neck at the beginning of the month.
Read More – DeFi: How is Uniswap performing against Binance and Coinbase in Q3 2022?
Furthermore, the platform’s native token UNI managed to outperform the market a couple of days back. The same came at a time when the DeFi market’s TVL slipped below the $100 billion mark.
Read More: Uniswap Spikes 15%, but DeFi TVL Drops Below $100 Billion
On Friday, not much change was noted in UNI’s price. After noting a 2% incline on the daily, the apex DeFi token was trading at $6.45 at press time.