Econia Labs- a company that develops decentralized orderbooks for Aptos Blockchain- announced today the raising of $6.5 million from Dragonfly as seed capital.
Other investors included Lightspeed Faction and Wintermute Ventures. Hudson River Trading, Flow Traders and Aptos labs were also involved.
Econia Labs creates a set of tools and protocols to facilitate settlements and trades for projects and applications that are decentralized. Decentralized finance (also known as DeFi) is a technology that uses cryptocurrency for exchange in economic transactions. This is similar to the services provided by brokerages and banks, including currency and securities trading, interest generation, and lending.
Econia’s Protocol provides Aptos Blockchain order books, essential for decentralized marketplaces. Econia’s matching algorithm allows orders to be immediately settled in the same transaction they were placed. This order book opens up a wide range of possibilities, including leveraged futures and spot trading.
Alex, Econia Labs CEO said that “we recognize the significant utility of a Blockchain-based Order Book which enables integrating protocols in order to efficiently use capital on-chain”. It appears that the CEO goes by only one name. Our goal is to provide a trading ecosystem that uses the Move programming languages and Aptos Block-STM engine.
Aptos Labs was closely involved in the development of this protocol, as well as its tools.
Aptos Labs was created by employees from Meta Platforms Inc., who had worked for the company on its ill-fated Diem payment system. The team then repurposed this technology into a blockchain that would rival other blockchain ecosystems, such as Ethereum. Ethereum is currently the second biggest blockchain in terms of market cap.
Aptos created Move, which was an open-source language for smart contracts that has been designed to increase security and speed transaction times and costs. The company also developed Block-STM: a parallel execution engine capable of performing over 160,00 transactions per second.
After raising more than $350 million through two rounds of venture capital, the blockchain released its mainnet on October. However, the company was criticized for its performance and number of launched projects. The addition of Econia Labs will benefit its ecosystem as it provides additional opportunities to developers of decentralized markets.
Econia has all the features at virtual machine level, and now decentralized applications builders can begin connecting smart contracts with the machine engine. DeFi developers can expect to have direct access to the core protocol’s client libraries and software development kit.
The funds will go towards expanding its team as well as focusing community initiatives, such a hackathons or grants for new project and to bring developers in the Econia ecosystem and Aptos.