A report from the Oregon-based decentralized finance (DeFi) Econia Labs has announced to yield of $6.5 million from a seed funding round. The Dragonfly led the successful seed round in collaboration with key market players in the crypto world.
The Econia team plans to attract new talents to the company to boost its productivity. The funds will be redirected to support community-based initiatives facilitated by the Econia team.
The reports revealed that the Econia team, in partnership with Aptos, plans to launch a hackathon program for developers. Beyond this, the Econia team announced plans to provide grant programs for DeFi startups in their growth stage.
Econia Labs Seed Funding Round
The attempt to transform the DeFi space recently challenged the Econia group to leverage their expertise and infrastructure to create a unique back-end protocol. The ongoing development of the Econia protocol will act as a user interface for DeFi projects centered on the Aptos platform.
The back-end platform will smoothly integrate the decentralized and centralized exchanges through innovative order books. The interception enables traders to exchange their digital assets at a neutral price.
Still, the development would enable the traders to negotiate for a better market price. The Econia team has deployed multiple order books on the on-chain platform.
The order book development team plans to improve the transparency, interoperability, and permissionless features of the DeFi software. The team expects the order book feature to provide users with alternative ways to trade their assets, including spot trading and crypto-leveraged derivatives.
Importance of the Funding Round
An announcement conveyed by the Econia chief executive Alex revealed that the decentralized protocol has a settlement feature attached to the Aptos’ base layer. This feature allows decentralized application developers (dApps) to access trading exchanges more effortlessly.
Also, the Econia liquidity pool motivates developers to create revolutionary technologies, including crypto futures. The developers will accumulate endless benefit from the Econia order book since the margin trading market features available on the platform prevents trade-related concerns.
The recent seed funding round attracted considerable participants from the digital space, including Lightspeed company, Hudson River Trading, and Flow traders, among other crypto and blockchain companies. Per the seed round report, the Aptos Labs team demonstrated robust participation to finance Econia.
The attempt to attain Econia desired results has inspired firms to collaborate with Aptos to refurbish the DeFi protocol. The collaboration encouraged the Aptos team to develop a blockchain-powered mainnet in October 2022.
The Aptos’ mainnet was developed after the company generated $350 million from a funding round led by leading venture capital firms. A series of events have met the development of Aptos Labs since it was launched.
At the time of writing, 2156 UTC, Aptos Labs APT trades at $11.64, a 4.3% increase in the last 24 hours.