The Uniswap Protocol has supported $1.2 trillion in trading volume till date.

Uniswap, which intends to bring Web3 to everyone, announced a $165 million Series G round led by Polychain Capital and with participation from existing investors a16z crypto, Paradigm, SV Angel, and Variant. The round valued the company at around $1.66 billion. (CryptoNews)

Uniswap intends to apply the new funds to the development of its web app and developer tools, launching NFTs, moving into mobile, and other objectives. Also planned is the creation of the Uniswap Foundation which will contribute to the Protocol’s decentralized development and give at least $60 million in grants to community projects over the next few years.

Hayden Adams, the CEO and founder of Uniswap Labs, said the Uniswap Protocol had become critical public infrastructure for exchanging digital value.

The company is the parent of Uniswap, the biggest decentralized exchange in the world that commands 64% of all DEX volumes, according to DeFi Llama. Its current market capitalization is $4.76 billion.

“In the $1.2 trillion that has been traded, there have been no serious hacks,” Adams told Fortune. “Uniswap has been running for a few years. If there was a bug somewhere, it would have been discovered by now.”

Previously, Uniswap raised a $11 million Series A in August 2020, led by Andreessen Horowitz (a16z).

“Web2 is about competing to control users,” said Adams, “while Web 3 has an opportunity to compete by empowering users. You compete not by owning but by earning their business.”

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