dTrade built on Polkadot (DOT) announced the closure of its seed round, in which $ 6.4 million was invested by Three Arrows, DeFiance, Huobi, Polychain, among others.
The announcement was made on Thursday, May 13 through Twitter. Thus, dTrade aims to be the first derivatives exchange built on Polkadot.
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Bringing the experience of centralized exchanges to DEX
dTrade is the first decentralized exchange (DEX) for perpetual swaps and Polkadot-based options, enabling the trading of leveraged derivatives with on-chain settlement (on the chain, in Spanish).
According to the official publication on Medium, this allows:
Unlimited derivatives markets without custody and counterparty risks. […] dTrade aims to tailor the trading experience of centralized exchanges while providing the security and transparency of DEXs ”.
Regarding the importance of crypto derivatives in the DeFi market, the statement offered by dTrade highlighted:
Derivatives are on their way to becoming the largest market in decentralized finance, similar to how they are the largest asset class in traditional finance. […] Completely new perpetual swaps for blockchain-based assets can be added within Polkadot’s multi-chain architecture through a simple governance proposition […]”.
To achieve this goal, dTrade closed the initial investment round co-led by Three Arrows Capital and DeFiance Capital, with the participation of Polychain Capital, ParaFi Capital, Huobi, Mechanism Capital, Magic Ventures, Bixin Ventures, IOSG Ventures, Hypersphere Ventures and Fenbushi Capital. .
It is important to note that, the second version of the exchange for perpetual swaps, it is available on the Edgeware testnet.
Unfortunately dTrade will not be available in the United Stateswhose financial regulators frown on leveraged derivatives trading for retail investors.
Polkadot-based DeFi projects advance
Polkadot-based DeFi projects have seen rapid growth in recent months, as reported by BeInCrypto.
For example, Equilibrium, one of the many DeFi projects being developed and progressed at Polkadot, raised $ 8.5 million in DOT for the Polkadot parachain auction
In April, it also received a grant from the Web3 Foundation to bring Curve Finance to the Polkadot ecosystem.
Polkadot’s post DeFi Derivatives Platform Gets $ 6.4 Million Seed Round was first seen on BeInCrypto.