Is a new round of DeFi dark horses coming?
Defx received $2.5 million in financing to engage in an optimized version of the perpetual DEX! Investors are Yishui's veteran crypto institutions:
Pantera Capital, CMT Digital, Baboon VC, gumi Cryptos Capital (gCC), CoinShares Ventures, Robot Ventures, and Polygon co-founder Sandeep Nailwal
The purpose of the financing is not complicated: Defx intends to create a Layer 1 public chain optimized for perpetual contract trading + a DEX-linked infrastructure.
What exactly is Defx?
A high-performance L1 blockchain born for derivatives trading + a modular protocol for a DEX that natively supports perpetual contracts.
The goal is very clear: to address the current pain points in the DeFi market, such as high slippage, slow matching, and expensive transaction fees for perpetual trading.
Currently, the window for L1 is indeed shrinking, but there is still space for custom chains built for applications. Especially for projects that serve professional trading users, which do not engage in NFT, Meme, or chain game bubble narratives, but instead focus on performance and matching, these are more likely to generate real trading volume.
Whether on-chain transactions in the future can truly compete with centralized exchanges does not depend on how fancy the UI is, but rather on who can achieve execution speed, settlement stability, and cost control close to that of CEX.
Defx is precisely aiming for this.
Key points to focus on in the future:
- Mainnet timeline (currently expected to launch the testnet in Q3)
- Whether a protocol token will be introduced (similar to the staking models of GMX and DYDX)
- Whether it will integrate with existing DEXs and liquidation networks to promote external integration
Defx is not here to compete for Layer 1 hype; it is an underlying upgrade designed for trading. If it can truly enhance the contract experience, it could very well be the next combination of GMX and dYdX.
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