A community-governed decentralized exchange (DEX), EmiSwap, has raised $104 million from an undisclosed number of investors. The maximum investment from any single investor was $25,000, according to Cointelegraph.
EmiSwap is a fork of Uniswap version 2, launched in May 2020.
The DEX describes itself as a platform that uses an automated market maker mechanism, augmented by a governance token ESW. Holders of the asset participate in running the exchange, which operates as a decentralized autonomous organization (DAO).
According to the site, EmiSwap also remunerates users 100% of gas fees on the Ethereum network for any ESW operations.
Among the EmiDAO alliance members are Alpha Sigma Capital, DigiFinex Exchange, IDCM Exchange, HollaEx Exchange and other investors. The launch of the DEX marked the partners’ first joint project.
In the third quarter of 2021 the exchange plans to release non-fungible tokens (NFTs) named NFT Magic Cards to implement a gaming mechanic aimed at attracting new users to the platform.
According to PwC’s report, tokens of DeFi protocols are taking an increasing share in crypto hedge fund portfolios. Among the leaders are Chainlink and Aave.