Uniswap Labs receives $165 million in funding, and the price of the company has risen to $1.66 billion

Uniswap Labs receives $165 million in funding, and the price of the company has risen to $1.66 billi ...

Uniswap Labs raised a new capital of $165 million in a Series B financing round, led by Polychain Capital, and saw participation from other venture firms like Andreessen Horowitz, Paradigm, and Variant. The newly raised capital would be used to add a plethora of new items, which have been in the pipeline for a while. The total valuation of the company has been raised by Rs. 13,675 crore.

A TechCrunch report reported that out of several projects Uniswap is considering, one will allow people to trade NFT on Uniswap from a variety of marketplaces. A crypto wallet is also being developed.

In a blog post, Uniswap Labs continues to expand and thrive beyond what one company can do on its own.

The governance community has recently voted to establish the Uniswap Foundation. This newly-founded group will contribute to the decentralised development of the Uniswap protocol and grant at least $60 million (roughly Rs. 495 crore) in community projects over the next few years.

Uniswap, which is built on the Ethereum blockchain, allows users to swap ERC-20 tokens that can be used to represent a wide variety of digital assets as well as financial values. In the future, Uniswap might also enhance its systems.

In July 2022, hackers stole about ETH 7,500, worth more than $8.1 million (roughly Rs. 64.45 crore) from Uniswap through a phishing attack. The event data on the blockchain was altered by the scammers to make it appear like Uniswap was airdropping tokens to platform liquidity providers.

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When users connected their wallets to the contract''s website, which resembles Uniswap, native tokens (ETH), ERC20 tokens, and NFTs (namely Uniswap LP positions), they were snatched from their wallets.