CDS Collaboration Proximity Labs, Orderly Network, Spin, and Tonic, Together They Have Launched a $10 million Fund
Collaboration

Proximity Labs, Orderly Network, Spin, and Tonic, Together They Have Launched a $10 million Fund

442
Proximity Labs, Orderly Network, Spin, and Tonic, Together They Have Launched a $10 million Fund
Proximity Labs, Orderly Network, Spin, and Tonic, Together They Have Launched a $10 million Fund

DeFi-based research and development firm Proximity Labs, together with trade protocols Orderly Network, Spin and Tonic, announced that they have raised a private investment fund of $ 10 million for projects on the Near Protocol Blockchain.

About the Special Fund Raised

According to the statement, this fund will be used in the form of grants or investments for DeFi protocols using the central limit orderbook infrastructure provided by the Ordered Network, Spin or Tonic.

“This $10M fund is an open invitation for builders from any ecosystem to advance near’s decentralized orderbook infrastructure to a level that will rival centralized exchanges. At the same time, it is an encouragement for all those building to keep going. ”Proximity Labs Team

Proximity Labs will provide a full range of consulting services, including grants and investments, as well as developer support for selected DeFi protocols.

Proximity Labs aims to ensure that projects selected and supported for investment or grants can offer a trading experience similar to centralized exchanges, which is achieved by using the Near blockchain as a settlement layer. Similarly, new projects can also use these protocols and create a decentralized exchange aggregator or use existing liquidity for different operations.

Proximity Labs Will Strengthen DEXs

In the first half of 2022, all four protocols successfully collected investments and simultaneously distributed the collected funds in the Near Protocol.

The trend started with Spin, a continuous trading exchange in Near. Spin received a $3.5 million investment in February. The spin was followed by Tonic, which received a $5 million investment before its release. Orderly Network received a $20M investment in the investment round it launched in June to strengthen the DeFi protocol.

Participants in Orderly’s investment round included major investment funds such as Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, GSR Ventures, MetaWeb VC, and Alameda Research, which is facing bankruptcy with its sister company FTX. For this $ 10 million developer fund, the treasury of the four protocol will contribute.

All this was concluded after the bankruptcy filing of the FTX Derivatives Exchange. Kendall Cole, Director of Proximity Labs, said in a statement that this fund was raised to strengthen the decentralized trading ecosystem during the bear market period when there was a liquidity crunch. Kendall Cole, Director of Proximity Labs, expressed interest in FTX with the following words:

“Fortunately, Proximity had no direct exposure to Alameda/FTX, and we are currently well-positioned with multiple years of runway in stablecoins and digital assets.”

Website

Twitter

References

thecoinrise

Written by
yagiz

Yağız became interested in finance while studying international relations at Osmangazi University in 2014. He met blockchain technology in 2020 and never looked back. He is currently trying to participate in all blockchain events held in his region and develop himself in the field of blockchain.

Leave a comment

Leave a Reply

Related Articles

TRON and Chainlink: A New Era for Blockchain Data Solutions

TRON DAO partners with Chainlink, adopting its Data Feeds as the official...

Tron and Chainlink: A New Era for Decentralized Finance

Tron is switching to Chainlink for oracle services to enhance its DeFi...

Solana Integrates Chainlink to Boost Developer Engagement; Analysts Project 2025 Surge for Polkadot and IntelMarkets

The cryptocurrency sector is seeing significant collaborations, including a notable integration between...

GraFun Labs Partners with DWF Labs and Floki to Accelerate Memecoin Projects on BNB Chain

GraFun Labs Partners with DWF Labs and Floki to Accelerate Memecoin Projects...