On Tuesday, 14 of September, dTrade announced its closing of $22.8 million in an investment round. This was the next investment step after the DEX closed a $6.4 million seed round in May earlier this year. The founders noted that the exchange will use part of the fund in providing on-chain loan to market makers.
“The capital has been pledged for an on-chain loan to MMs who will provide liquidity to the orderbooks on dTrade. Community members and interested parties can also participate…” the release reads.
dTrade is a high-performance DEX that runs on the Solana ecosystem. According to the founders, this exchange will launch later this year – probably after the Polkadot parachain auctions. When it’s finally launched, its community members can also get into its on-chain programme.
In trading, market makers allow traders to enter and exit positions at fair prices. In other words, they place buy orders and sell orders for traceable assets. Thereby ensuring liquidity.
The investors that participated in this round include Divergence, Altonomy, DeFiance, CMS, Polychain, MGNR, and the popular Alameda Research.
The spokesman of Parachain, one of the investors, said this: “We’re thrilled to be supporting the protocol at launch, and excited for the future of both dTrade and the emergent Polkadot DeFi space.”