Econia Labs is developing an order book protocol for the Aptos blockchain. A seed funding round was organized for this product. The seed round raised $6.5 million. In addition, the round was led by Dragonfly.
Econia Labs Raises $6.5 Million for Order Book Protocol
According to CEO Alex’s email, the company will utilize the fund to hire more employees, support community projects like hackathons and grant programs, and aid in the onboarding of developers into the platform ecosystems.
Lightspeed Faction, Wintermute Ventures, Hudson River Trading, and Flow Traders were a few of the other investors in the round. In addition, Aptos Labs took part. Along with the Aptos team, Econia created the protocol.
About the Protocol
Econia Labs is developing a back-end protocol that will act as the foundation for projects on Aptos that involve decentralized finance (DeFi). According to Alex, the protocol includes order books, a feature of both centralized cryptocurrency exchanges and traditional finance that enable traders to purchase or sell assets at the price they choose or just accept the best price the market has to offer.
Moreover, Econia offers connections with DeFi apps that provide a variety of trading alternatives, such as spot trading or leveraged derivatives, and brings order books on-chain in a transparent, permissionless manner.
“The Econia protocol provides a settlement engine at the base layer of Aptos DeFi, which enables other dapps to tap into a common trading venue. With liquidity pooled into Econia’s order books, developers can focus on building out innovative products like perpetual futures, options, and margin trading markets on top of the core protocol without having to worry about matching and filling trades between counterparties.”
Alex
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