Bluzelle recently announced details of its incentivized liquidity pool currently running on Uniswap.
Uniswap stands out from other protocols as it enables sellers and buyers to swap ERC-20 tokens without relying on an order book or exchange.
Movement of Bluzelle Into DeFi
For its oracle services, Bluzelle has been working with DeFi projects. Through this process, Bluzelle has seen the important role of decentralized exchanges (DEXs) in growing the blockchain industry. With DEXs, customers can also pay for Bluzelle services and exchange $BLZ.
Uniswap, Curve, and Balancer are DEXs that are vastly becoming popular. Since the past 90 days, there has been a 4x increase in total value locked. As of the time of writing, over $37.47 billion worth of crypto assets has been locked, according to DeFi Pulse. The growth of the DEXs has made it important for BLZ to make its way into the market.
Launch of Bluzelle Incentivized Liquidity Pool on Uniswap
Bluzelle launched its liquidity pool on Uniswap on February 19. This means contributors will be able to earn BLZ without staking on the Bluzelle platform. The duration of this incentivized liquidity pool is 4 weeks, and Bluzelle kicked off the liquidity pool campaign with a BLZ/USDC pair on Uniswap.
The BLZ/USDC pair will be a testing phase to determine the performance of its partnership. The long-term goal of this partnership is to ensure that highly liquid $BLZ pairs are available across all the major DEXs. In the future, more pairs will also be added.
Overall, the total reward pool is up to 1,000,000 BLZ. This forms part of the 20 million tokens that have been set aside for the distribution of Bluzelle staking in the future.
The Uniswap BLZ/USDC liquidity pool is different from staking on Bluzelle for several reasons. One reason is the limited duration of four weeks. Also, there is no need for native BLZ tokens to be converted. With ERC-20 BLZ, users can participate in the pool. As the BZL tokens will not be locked, withdrawal of BZL can be done at any time.
As liquidity providers, you will not only earn BLZ rewards from Bluzelle but also earn fees for every Uniswap trade. Full details on how to stake the Uniswap liquidity pool can be found here.
Recently, Uniswap hit a milestone for cumulative trade volume as it topped a hundred billion dollars. According to founder Hayden Adams, this achievement has been a big milestone for DeFi as it becomes the first decentralized protocol to process $100 billion.
Also, a student group at Stanford University recently confirmed their appointment as a Uniswap delegate. Overtaking a blockchain student group at UC Berkeley in California, the blockchain student club from Stanford University became the 9th largest delegate for Uniswap with over 2.5 million votes.
As of the time of writing, Bluzelle’s price was $0.176448, with a 24-hour trading volume of $21,442,613. BLZ price also shot up 17.5% over the last 24 hours. Besides, it has a circulating supply of 270 million BLZ coins and a max supply of 500 million. Binance is also the current most active market trading BLZ.
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