SaucerSwap increases total value locked by 300 percent in just one year with support from The Hashgraph Association (THA)

GENEVA , March 20, 2024 /PRNewswire/ -- SaucerSwap, an open source and non-custodial crypto trading protocol and the first decentralized exchange (DEX) to launch on Hedera, has recorded a three-fold increase in Total Value Locked (TVL) since it received development funding support from The Hashgraph Association (THA) in 2023. TVL on SaucerSwap increased from approximately $35 million to over $150 million at the beginning of March^[1], a 300% surge in less than a year.

SaucerSwap V1 launched in August 2022, based on the Uniswap V2, and while achieving significant success following its initial launch, the protocol faced challenges when it came to capital inefficiencies. This all changed in 2023, when THA identified SaucerSwap as an innovative startup in the space and on-boarded the project to its Innovation Program. Following the provision of funding support by THA, SaucerSwap underwent a period of rapid transformation and launched SaucerSwap V2 in the same year.

Since then, the project has continued to grow at pace. In addition to TVL growing to $150M,  average 24-hour trading volumes soared from roughly $500k to over $6.5M, a 1200% increase in on-chain volume. Coupled with a rise in Unique Active Wallets (UAWs) and a significant uptick in transactions through the Hedera Smart Contract Service (HSCS), the collaboration between THA and SaucerSwap V2 has yielded substantial growth and has significantly contributed to the value creation on the Hedera network.

Kamal Youssefi, President of The Hashgraph Association states, "SaucerSwap has not only benefited from participating in the Hashgraph Innovation Program with ecosystem development funding from The Hashgraph Association, but it has also added value to Hedera by offering a full range of DeFi services for participants and facilitating the deployment of projects on the Hedera network. This is exactly the example of successful collaborations that we look forward to. Given that DeFi development contributes to financial inclusion around the globe by providing a decentralized, accessible, and secure alternative to traditional finance, THA is proud to be supporting this global financial revolution powered by Hedera."

By building on the Hedera Network, SaucerSwap was able to conduct financial transactions that included token swaps through smart contracts, as well as through its governance model providing a transparent and immutable log of platform policies. With decentralized exchanges serving as the gateways to DeFi, SaucerSwap is at the epicenter of this transformation allowing individuals and organizations to trade digital assets and NFTs in a non custodial way, while also participating in activities such as staking and yield farming.

In addition to using the Hedera Token Service (HTS) and Smart Contract Service, projects can benefit from increased liquidity by creating a liquidity pool on SaucerSwap. Furthermore, with SaucerSwap V2, liquidity providers can allocate capital within specific price ranges instead of uniformly distributing it across all possible prices.

"We chose Hedera as the public ledger for SaucerSwap due to its ability to support our robust DeFi protocol while providing rapid scalability, high performance, and low, predictable transaction fees denominated in USD," said Peter Campbell, Co-Founder, Operations & Marketing at SaucerSwap. "Hedera's lack of a mempool also makes it resistant to MEV, ensuring a superior user experience without the risk of front-running. The support from The Hashgraph Association has been invaluable in our journey to build a cutting-edge, user-centric platform. We are confident that with Hedera and THA by our side, we will continue to innovate and deliver exceptional value to our users, even during times of high network demand."

About The Hashgraph Association

The Hashgraph Association is at the forefront of the digital enablement and empowerment of organizations through the broad adoption of Hedera-powered enterprise-grade solutions and decentralized applications, including funding training, innovation, and venture building programs globally. As a non-profit organization headquartered in Switzerland, The Hashgraph Association supports and funds innovation, research, and development that enables economic inclusion and a digital future for all, with a positive environmental, social, and governance (ESG) impact. For further information about The Hashgraph Association, visit www.hashgraph-association.com.

About SaucerSwap

SaucerSwap is a decentralized exchange (DEX) and automated market maker (AMM) protocol built on the Hedera network, offering users a non-custodial and efficient platform to swap HBAR and HTS tokens. Developed by SaucerSwap Labs, a Florida-based company, SaucerSwap leverages the Hedera Token Service (HTS) and Hedera Smart Contract Service (HSCS) to provide fast, low-cost transactions with finality in 3-5 seconds.

The protocol offers two versions: SaucerSwap V1, based on the Uniswap V2 constant product AMM, and SaucerSwap V2, which introduces concentrated liquidity and multiple fee tiers, allowing liquidity providers to allocate capital more efficiently. SaucerSwap's unique features include the Liquidity-Aligned Reward Initiative (LARI), a yield-bearing HBAR wrapper, and resistance to Maximal Extractable Value (MEV) attacks.

Governed by the SaucerSwap DAO and supported by the HBAR Foundation and The Hashgraph Association, SaucerSwap aims to drive innovation and long-term sustainability within the Hedera DeFi ecosystem. As of March 2024, SaucerSwap holds a majority market share among Hedera DeFi protocols, with a total value locked (TVL) of $120 million and a cumulative trading volume of $875 million. For more information about SaucerSwap, visit www.saucerswap.finance.

^[1] TVL data as of 7th March 2024

SOURCE The Hashgraph Association