DEX Protocol Orderly Network Nabs $20M To Further DApps on NEAR

The Orderly Network is attempting to drive liquidity to decentralized applications seeking mass adoption via its matching and risk engines

article-image

blockworks exclusive art by axel rangel

share

key takeaways

  • The DEX protocol is looking to bootstrap liquidity for budding decentralized applications built on the NEAR blockchain
  • Capital will go toward hiring efforts, product development, partnerships and growth of its ecosystem, Orderly said

Orderly Network, a permissionless, decentralized exchange protocol built on the NEAR blockchain, has picked up $20 million in a seed funding round from some of the industry’s top venture capitalists.

Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research and GSR Ventures co-led the round, betting that the protocol can enhance the crypto trading experience.

Funding will go toward the protocol’s recruitment efforts as well as the development of new and existing products, Orderly said in a statement Thursday. Capital will also be allocated to drive partnerships and grow its ecosystem.

Orderly Network uses a decentralized on-chain order book to provide liquidity and lets traders execute orders directly utilizing smart contracts while providing desired flexibility with order sizes and pricing. Its platform features a risk engine, matching engine and shared asset pools for decentralized applications (dApps) to build on top of in a modular fashion.

Orderly’s composability, the protocol’s developers said, will let developers build dApps for financial instruments such as derivatives, spot and margin trading as well as lending and borrowing.

“For a chain to accommodate applications seeking mass adoption, they need ready access to liquidity,” Woo Network’s head of marketing and growth Ben Yorke told Blockworks.

“Orderly advances this concept by being able to backstop institutional liquidity including spot, margin, and derivatives, with an order book matching engine that can accommodate high throughput and rate limits.”

Founded in October last year, the project is the incubation lovechild of NEAR and the WOO Network — a liquidity provider connecting traders, exchanges and institutions. The project plans to integrate with existing bridges to provide deposits and withdrawals from most layer-1 blockchains.

DEX (decentralized exchange) volumes are down sharply so far in June and have been generally on the decline since the market peak in November 2021, according to data from Dune Analytics. Automated market maker-based DEX Uniswap continues to dominate, claiming more than half of all trading volume.

Order book trading interfaces built on top of automated market maker liquidity pools are a relatively new concept in the industry.

“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,” Three Arrows Capital co-founder Kyle Davies said. “Pairing this product-first ethos with best-in-class liquidity options and a team with a proven track record, we believe that Orderly is primed for success.”


Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the On the Margin newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

Tags

Upcoming Events

Salt Lake City, UT

MON - TUES, OCT. 7 - 8, 2024

Blockworks and Bankless in collaboration with buidlbox are excited to announce the second installment of the Permissionless Hackathon – taking place October 7-8 in Salt Lake City, Utah. We’ve partnered with buidlbox to bring together the brightest minds in crypto for […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

AERODROME TEMPLATE.png

Research

Aerodrome is a "MetaDEX" that combines elements of various DEX primitives such as Uniswap V2 and V3, Curve, Convex, and Votium. Since its launch on Base, it has become the largest protocol by TVL with more than $495M in value locked, doubling Uniswap's Base deployment.

article-image

Also, a look into how the highly-debated SAB 121 could end up shaking out for crypto custodians

article-image

Vance, an Ohio Republican, is largely seen as crypto-friendly

article-image

Plus, all the world is green as prices across the crypto space rally, with solana reaching a nearly two-week high

article-image

Investors add to crypto positions after “turnaround in sentiment due to lower-than-expected CPI,” CoinShares research head says

article-image

Plus, Ethereum is in the midst of a vibecession

article-image

Also, former Valkyrie CEO lands new leadership role at Canadian investment firm Cypherpunk Holdings