Circle Ventures, Proximity Labs, Tacans Labs, Outlier Ventures, Skynet Trading, and Qredo raised $1.2 million in pre-seed funding for Veax.
What is Veax?
Web3 venture builder Tacans recently unveiled Veax, a decentralized exchange powered by traditional finance (“TradFi“) and running on the Near protocol. Utilizing the durability of the Near blockchain, the team of blockchain experts from the UK, Portugal, and Ukraine established Veax to offer a full range of TradFi features with cutting-edge DEX architecture.
The introduction of Veax enables a transition for users of the centralized exchange and traditional finance to test it out in DeFi by bridging traditional finance features with effective liquidity deployment and flexibility offered by decentralized infrastructure.
A Creative Method of Deployment Capital
The platform’s design is based on a study written by Roger Wattenhofer, a professor of Computer Science at ETH Zurich and the organization’s advisor. The team’s objective is to create a brand-new multi-level pricing structure. It will be the first DeFi platform to offer customizable liquidity pools with this cutting-edge structure. Thus, it will enable liquidity providers to optimize capital allocation and maximize return over the long term.
Veax’s Future Plans
It is currently on track to release both the research paper on the adaptable liquidity pool and its v1 Testnet in early December, as per its roadmap. Future plans call for the project to go live on Mainnet by the end of the year and for a public token sale for Q1 2023.