Decentralized trade Uniswap has raised $165 million in Sequence B funding led by crypto investment company Polychain Capital.

Essentially the most modern spherical of funding locations Uniswap at a $1.66 billion valuation, TechCrunch reported on Thursday. The investment spherical, led by Polychain, additionally saw participation from high-profile traders much like a16z, Paradigm, SV Angel and Variant.

“When I built the Uniswap Protocol in 2018, it used to be an experiment to explore if I’ll perchance presumably well construct something that fully embodied the values of Ethereum: clear, proper, and accessible. Since then, it has grown and evolved in programs I indubitably now not imagined,” acknowledged Uniswap founder Hayden Adams in an Oct. 13 weblog put up.

“It’s supported $1.2 trillion in buying and selling volume to this level and has develop to be major public infrastructure for exchanging digital value,” he added.

Four years into its creation, Uniswap now accounts for 57% of all buying and selling volume across DEXs, as per recordsdata from DeFi Llama. The platform’s dominance used to be extra evidenced earlier this yr when recordsdata from Kaiko Study published that its day-to-day buying and selling volume equalled that of Coinbase earlier this yr.

Clara Medalie, Kaiko’s head of research, critical that this “sturdy shift in market structure” got right here because Ethereum’s transaction expenses shedding to their lowest level since 2020 and DEXs facilitating billions in stablecoin swaps.

“But, DEXs mute sage for loyal a half of total CEX volume.Compared with loyal the live 3 CEXs (Binance, FTX, and Coinbase), Ethereum-based fully DEX market share in June used to be most attention-grabbing 8%,” acknowledged Medalie in a July tweet.