The development team behind DeFi's largest exchange Uniswap is reportedly on track to become the next crypto unicorn.
TechCrunch reports that the round could fall between $100 million and $200 million, with a Singapore-based sovereign investment fund and Polychain tied to the deal. The deal would give Uniswap a $1 billion valuation.
Uniswap Labs declined to comment on the news.
Previous investors in Uniswap Labs include heavy-weights a16z, USV, Paradigm, and even Coinbase. The project raised $11 million in a Series A back in 2020.
Uniswap is crypto's largest decentralized exchange by volume traded as well as total value locked (TVL). TVL is a one of crypto's favorite, though problematic, metrics to measure how much money is sloshing around a given protocol.
According to data dashboard DeFi Llama, the exchange hosted over $1 billion volume traded and currently commands a TVL over $5 billion in TVL across its various pools.
Though it was first launched in Ethereum, Uniswap has now integrated with various scaling solutions including Optimism, Arbitrum, and Polygon.
Compared to its larger centralized counterparts, Uniswap still has a bit of work to do to catch up.
Coingecko data shows that over the past 24 hours, Binance hosted over $24 billion trading volume, while Coinbase saw volumes of more than $2 billion.
In December 2020, though, Uniswap did manage to outpace Coinbase's professional offering, Coinbase Pro, for volume traded.
Perhaps with new funding in hand, the development team will be able to make these wins far more common in the future.