Decentralized change (DEX) aggregator DEX.AG has raised $3.1 million and is rebranding to Slingshot.Born out of the Concourse Open Group (the ident
Decentralized change (DEX) aggregator DEX.AG has raised $3.1 million and is rebranding to Slingshot.
Born out of the Concourse Open Group (the identical group that created decentralized finance (DeFi) rankings board DeFi Pulse), Slingshot goals to assist customers discover the perfect worth for any given token commerce on Ethereum.
The spherical was led by Framework Ventures, with further participation from many others, together with Electrical Capital, IDEO CoLab, Coinbase Ventures, Winklevoss Capital, Digital Forex Group, Robotic Ventures and extra.
The dream of creating trades with out turning over custody of crypto property to a 3rd celebration has been a longstanding goal for the business. DEXs struggled for a very long time to compete with centralized opponents, however that’s beginning to flip round. For instance, one of many leaders, Uniswap, is definitely doing extra quantity than Coinbase by some metrics.
DEX aggregators supply the perception that, as soon as a person can commerce straight from their pockets, they don’t have any motive to have a look at trades on one change. Merchants would possibly as effectively take a look at all of the DEXs for each commerce.
“The open and permissionless nature of DeFi brings a generational platform shift that presents a brand new paradigm in monetary companies, unifying numerous world communities and permitting them to take part in rising economies or create their very own with out the necessity to ask for permission,” Slingshot’s CEO, Clinton Bembry, stated in a press launch.
Slingshot was first constructed at a hackathon in 2018 and has seen over $100 million in quantity to date, in accordance with the corporate.
“Slingshot’s best-in-class DEX aggregator is constructed to supply the seamless person expertise, low latency and cheap transactions that DeFi customers deserve,” Framework Ventures co-founder Vance Spencer stated in a press launch.