dTrade’s Polkadot derivatives exchange raises $22.8 million

The decentralized derivatives exchange dTrade, built on the Polkadot blockchain platform, raised $22.8 million in a round with participation from Polychain and Alameda.

dTrade has raised $22.8 million in commitments for its Market Makers. We’re grateful for the continued support from @hypersphere_, @polychaincap, @DeFianceCapital, @AlamedaResearch, @cmsholdings, @divdotvc, @mgnr_io, @altonomy, and more! https://t.co/zfjzXijTOA

— dTrade (@dtradeorg) September 14, 2021

Investors also included Hypersphere, DeFiance, CMS, Divergence, MGNR, Altonomy, and others.

The raised funds will be used by the platform to lend to market makers (MMs), who are supposed to provide liquidity to the order books.

dTrade said it had the backing of ‘the largest market makers in the crypto industry’.

Market makers are market participants who place orders to buy and sell certain tradable assets. Market makers ensure market efficiency by allowing traders to open and close positions smoothly at prices close to fair value,

— the statement said.

The launch of the exchange is expected to occur shortly after parachain slot auctions on the Polkadot mainnet at the end of 2021.

In the Kusama testnet, parachain auctions started on June 15.

In May, dTrade, positioning itself as the first DeFi project in the Polkadot ecosystem, raised $6.4 million in a seed round.

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