Dex Protocol Orderly Network grabs $ 20 million for more Dapps on Near

Dex Protocol Orderly Network grabs $ 20 million for more Dapps on Near

Orderly Network, a permitted, decentralized exchange protocol that builds on the Near Blockchain, has received $ 20 million from some of the best risk capitalists in the industry in a seed financing round.

Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research and GSR Ventures led the round together and relied on the protocol to improve the crypto trade experience.

The funds are used for the recruitment efforts of the protocol and for the development of new and existing products, said Orderly in an explanation on Thursday. Capital is also provided to advance partnerships and expand the ecosystem.

Orderly Network uses a decentralized on-chain order book to provide liquidity, and enables traders to carry out orders directly using smart contracts, while it offers the desired flexibility for order sizes and prices. The platform has a risk engine, a matching engine and jointly used asset pools on which DAPPS can build modular

The Composability of Orderly, said the developers of the protocol, will enable developers to create DAPPS for financial instruments such as derivatives, spot and margin trade as well as lending and recording.

"In order for a chain to take on applications that strive for mass acceptance, you need direct access to liquidity," Ben Yorke, marketing and growth leader from Woo Network, told Blockworks.

"Orderly provides this concept by being able to secure institutional liquidity, including cash, margin and derivatives with an order book matching engine, that can take high throughput and installment limits into account."

The project, founded in October last year, is the incubation child of Near and the Woo network-a liquidity provider that connects dealers, stock exchanges and institutions. The project is planning integration into existing Bridges to enable deposits and withdrawals from most Layer 1 blockchains.

The dex volumes have decreased in June so far and, according to the market high in November 2021, generally declined Data from dune analytics . Automated Market Maker-based Dex still uniswapdominated with more than half of the entire trading volume.

Order book trade interfaces that build on AMM liquidity pools are a relatively new concept in the industry.

"Infrastructure, which is built up by dealers for dealers - leads to better products that are tailored to the specific needs and offer the best possible trade experience," said Kyle Davies, co -founder of Three Arrows Capital. "By combining this product -oriented ethos with first -class liquidity options and a team with a proven track record, we believe that Orderly is equipped for success."

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The contribution "Dex Protocol Orderly Network Nabs $ 20m to Further Dapps on Near" is not a financial advice.