DEX Protocol Orderly Network Grabs $20M For More DApps On NEAR

• The DEX protocol seeks to bootstrap liquidity for emerging decentralized applications built on the NEAR blockchain
• The capital will flow into recruiting, product development, partnerships and the growth of its ecosystem, Orderly said

Orderly Network, a permissionless decentralized exchange protocol built on top of the NEAR blockchain, has raised $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.

The funds will be used for the protocol’s recruitment efforts as well as the development of new and existing products, Orderly said in a statement Thursday. Capital is also provided to advance partnerships and grow the ecosystem.

Orderly Network uses a decentralized on-chain order book to provide liquidity and allows traders to execute orders directly using smart contracts, while providing desired flexibility in order sizes and prices. The platform has a risk engine, a matching engine and shared asset pools for decentralized applications (dApps) that can be built on top of in a modular manner.

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

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

“Orderly advances this concept by being able to secure 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 child of NEAR and the WOO network – a liquidity provider connecting traders, exchanges and institutions. The project plans to integrate with existing bridges to enable deposits and withdrawals from most Layer 1 blockchains.

According to data from Dune Analytics, DEX (Decentralized Exchange) volumes are down sharply in June so far and have been generally down since the market top in November 2021. The automated market maker based DEX Uniswap continues to dominate, claiming more than half of the total trading volume.

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

“The infrastructure built by traders for traders results in better products, tailored to specific needs and offering the best possible trading experience,” said Kyle Davies, co-founder of Three Arrows Capital. “By combining this product-centric ethos with world-class liquidity options and a team with a proven track record, we believe Orderly is poised for success.”

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• Sebastian Sinclair

  blocks

  Senior Reporter, Asia News Desk

  Sebastian Sinclair is a senior news reporter for Blockworks, which operates in Southeast Asia. He has experience covering the crypto market as well as certain developments affecting the industry including regulation, economics and mergers and acquisitions. He currently holds no cryptocurrencies. Contact Sebastian by email at [email protected]

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