Investors also included DeFiance, Hypersphere, CMS, MGNR, Altonomy and others.
The platform uses the raised funds for lending to market makers (MM). The latter are responsible for ensuring the liquidity of exchange order books.
The largest market makers in crypto industry
dTrade stated that they had enlisted the support of “the largest MM in the crypto industry”.
“Market makers are market participants who place orders to buy and sell certain traded assets. MM ensures the efficiency of the markets, allowing traders to smoothly open and close positions at prices close to fair,” the statement says.
It is assumed that the launch of the exchange will take place shortly after the auctions for the sale of slots for parachains in the main Polkadot network at the end of 2021.
Auctions for parachains in Kusama network
Polkadot’s auctions for parachains began on June 15 in the Kusama multi-chain network. Kusama started working in 2019. The network launched the first operating perverse called Shell in May 2021. Later, the developers have upgraded it to Statemine. Statemine is the equivalent of the Statemint parachain of the main Polkadot network.
Thus, Statemine supports several functions, including storage and transfer of native Kusama tokens (KSM); transfer of permitted interchangeable assets, such as non-algorithmic stablecoins; free creation, release and transfer of both interchangeable assets and NFT.
Recall that in May, dTrade, positioning itself as the first AMM-based DeFi protocol in the Polkadot ecosystem, raised $6.4 million in a seed funding round. ParaFi Capital, Mechanism Capital, Magic Ventures, Bixin Ventures, IOSG Ventures, Hypersphere Ventures, Chicago DeFi Alliance, LongHash Ventures, Fenbushi Capital and others provided funds to dTrade in this round.
Moreover, by the end of 2021, developers of dTrade plan to integrate ZK-Rollup for instant transactions.