Uniswap Labs receives $165 million in funding and estimates, raising $1.66 billion

Uniswap Labs receives $165 million in funding and estimates, raising $1.66 billion ...

Uniswap Labs, based in 2018, raised a new capital of $165 million (about Rs. 1,360 crore) in a Series B funding round. It involved participation from other venture firms such as Andreessen Horowitz, Paradigm, and Variant. The newly raised capital would be used to create a triad of new products, which has been in the company for a while. The total valuation of Uniswap Labs has increased by 13,675 crore.

Uniswap is planning to launch several projects, including one that will allow people to trade NFT on Uniswap from a variety of marketplaces, according to a TechCrunch report. The company is also considering the possibility of developing a crypto wallet.

In a blog post, Uniswap Labs focuses on products and and provides a much larger ecosystem that extends beyond what one business can do on its own.

The governance community has recently voted to create the Uniswap Foundation. This newly-established organization will help in the decentralised development of the Uniswap protocol and give at least $60 million in grant grants in community projects over the next few years.

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

In July 2022, hackers stole ETH 7,500, valued at around Rs. 64.45 crore (roughly) from Uniswap through a phishing attack. The event data on the blockchain was altered by the scammers to make it appear as if Uniswap was flying tokens to platform liquidity providers.

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When the 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 removed from their wallets.