Cryptocurrency News

Community-Governed DEX EmiSwap Raises $104M in Private Funding

EmiSwap – a community-led decentralized exchange (DEX) – has raised $104 million from a large number of investors, each holding down a maximum of $25,000 each.

Supporters of the exchange, which operates as a decentralized autonomous organization, include Carl Moon, Box Mining, Edna, Jason D of TMM Holdings, Hodl.Global, XNetwork Fund and Inclusion Crypto Fund.

EmiSwap describes itself as a gamified and decentralized automated market maker exchange. Automated Market Maker-Based Exchanges Don’t rely on the order book like regular exchanges But instead use mathematical formulas to price the asset. They also provide liquidity from multiple pools and use smart or peer-to-peer contracts to trade.

In addition, EmiSwap’s offering to investors is a full refund on Ethereum gas fees. In the third quarter of this year, it plans to launch a non-fungible token card – called the NFT Magic Card – as a gamified mechanism aimed at attracting more users. The platform’s strategy includes offering rewards to incentivize liquidity providers and swappers, providing cross- and multi-blockchain support, and encouraging ESW token holders to vote on the organization’s future development.

The DEX is the first project launched as part of the EmiDAO consortium, whose members include Alpha Sigma Capital, DigiFinex Exchange, IDCM Exchange, HollaEx Exchange and others. Between them, the partners’ experience spans a range of expertise in cryptocurrency exchange operations, DeFi projects, financial services and regulatory compliance (EKYC and AML).

Recent Growth in the DeFi Sector Includes Support from 16 Major Blockchain Investment Firms DeFi Interoperability Protocol Composable Finance and Diversify’s fundraising from crypto venture capital firms. Both had significantly smaller amounts of capital at $7 million and $5 million respectively.