Polkadot-based dTrade raises $6.4 million from Polychain and Huobi

A decentralized platform for trading perpetual contracts, dTrade, built on Polkadot, has raised $6.4 million. Investors in the seed round included Three Arrows, DeFiance, Huobi and Polychain.

Today, we’re excited to announce that dTrade has completed a seed round, co-led by Three Arrows Capital and @DeFianceCapital! https://t.co/Xqii7DNAP1

— dTrade (@dtradeorg) May 13, 2021

dTrade positions itself as the first DeFi AMM-based protocol on Polkadot.

According to The Block, the platform is expected to launch in June. By the end of 2021, developers will integrate ZK-Rollup for instant transactions.

Trading on dTrade will be prohibited for U.S. residents and users in jurisdictions sanctioned by the United States.

Currently, developers are conducting a smart-contract audit and testing the platform’s functionality on the Edgeware testnet.

In June, the team will distribute the native DET token. 45% of the supply will go to investors, advisors and the team; 55% will go to reserves and to a liquidity-provider incentive fund.

As reported in February 2021, the Equilibrium project announced the creation of a DeFi version of Curve Finance on Polkadot.

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