Polygon Backs $1.5M Institutional DEX D8X Deal, Betting on Rise From CeFi To DeFi

Zug, Switzerland, August 4th, 2023, Chainwire

D8X’s pre-seed round features Polygon Ventures, Axelar Network, Swissborg Ventures and others

D8X, an institutional-grade decentralized exchange (DEX) for derivatives on Polygon zkEVM, announced a $1.5 million pre-seed round with support from Polygon Ventures and other notable investors. The capital will help D8X launch a decentralized derivatives trading platform in the second half of 2023 that provides a white-labeling solution to trading partners seeking access to powerful derivatives products.

The pre-seed round for D8X includes additional participation from Axelar Network, Swissborg Ventures, Cogitent Ventures, Veris Ventures, G1 Ventures, Pragma Ventures, CryptoDiscover and others.

“DeFi is reshaping the future of finance. Projects like D8X are building the infrastructure that will help legacy finance to leap into web3,” said Polygon Co-Founder Sandeep Nailwal.

Bridging CeFi to DeFi

D8X’s founders bet on centralized players wanting to offer decentralized crypto derivatives to their clients without having to hire experts to develop in-house market-making and trading engines. D8X provides a white-label solution to partners who act as brokers and earn fees by running their own front ends powered by the D8X trade engine and shared liquidity.

Financial Engineering On Chain

D8X’s sophisticated on-chain solutions curb costs and offer products that are competitive with centralized exchanges, such as cost-efficient hedging, a prerequisite for building a highly functional derivative trading space. Contract trading allows other DeFi protocols to efficiently hedge on-chain. Their perpetuals can be calibrated for a wide range of assets and support—as a first in DeFi—linear, inverse and quanto perpetuals. At launch, a liquidity pool in Lido’s staked ETH (stETH) will enable liquidity providers to earn the Lido yield while simultaneously participating in the DEX’s earnings.

D8X is the first business-to-business (B2B) DEX built on Polygon’s zkEVM, harnessing the p

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Author: Crypto Daily

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