Three Arrows Capital and Alameda Research Invest in DEX Orderly Network

The NEAR-based decentralized exchange Orderly Network has raised $20 million from strategic investors, according to project representatives.

Participants in the round included: Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research, GSR Ventures, MetaWeb.VC, and a number of other firms.

The project was founded in 2017 and has progressed through incubation by NEAR and WOO Network. With the latter, the startup launched the first decentralized application in the form of a trading platform’s user interface.

Orderly Network provides spot and margin trading services, perpetual swaps, and a lending service.

The startup will allocate the funding to hire new staff, expand its product range, and enhance existing offerings.

To further boost liquidity, the team plans to launch public lending pools. Token holders will be able to lend to market makers through these pools, earning a stable yield, according to Orderly Network.

In May, venture funding for DeFi projects fell to $176.3 million — the lowest level since September 2021.