coindesk.com
Trisolaris, a top decentralized exchange on the NEAR Protocol, has announced a strategic investment led by Electric Capital with participation from Jump Crypto, Dragonfly Capital, Leminscap and Ethereal Ventures, among others. The investment in the Trisolaris DAO totaled $4.5 million, the company told CoinDesk in an email.
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Trisolaris has $230.7 million in total value locked on the Aurora engine according to DeFi Llama. The Aurora engine lets developers fork Ethereum-compatible contracts and deploy Solidity code on the layer 1 NEAR blockchain.
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NEAR’s Aurora raised $12 million in funding last October, and NEAR followed with a $100 million funding round in January.
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Trisolaris will use the capital to expand its team to continue investing in key product areas. The near-term roadmap includes improving the trading experience and infrastructure and launching DeFi primitives and cross-chain swaps between NEAR and Aurora.
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There are also plans to revamp the tokenomics behind the native TRI token and integrate the token into more NEAR ecosystem projects.
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Last week, Trisolaris launched a new stableswap product that allows users to swap funds across multiple automated market makers (AMM) from one interface. Trisolaris hopes to grow the product to over $500 million in liquidity.
Read more: Near Protocol Offers $800M in Grants in Bid for DeFi Mindshare