coindesk.com
Orderly Network, a decentralized exchange (DEX) protocol, completed a $20 million strategic round of financing from several crypto funds, it said in a note shared with CoinDesk.
Orderly Network is a permissionless protocol and modular ecosystem built on top of Near Protocol. It relies on smart contracts to conduct peer-to-peer trading and offers risk management and shared asset pools for users.
Crypto funds Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research, GSR Ventures and MetaWeb.VC participated in the round.
“We are proud to back Orderly as they build out top-performing infrastructure and deep liquidity on Near,” said Kyle Davies, co-founder at Three Arrows Capital, in a statement. “Infrastructure being built for traders by traders results in better products that are designed to meet the specific needs and provide the best possible trading experience.”
Orderly will use the financing to enlarge its team, enter partnerships with other crypto firms and build new decentralized finance (DeFi) products, the firm said.
It will also start community lending pools to enhance liquidity on its platform. Token holders will be able to lend assets to market makers on such pools while receiving yields.
Founded in April 2022, Orderly Network received initial investment from Near and liquidity platform WOO Network. Market maker Kronos Research will provide initial liquidity, ensuring trading pairs are liquid after the platform’s public launch.