Swaap Closes $4.5M Seed Round and Announces Upcoming v2 Launch
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Paris, France, April 19th, 2023, Chainwire
Swaap Labs, the company building Swaap, has successfully secured over $4.5 million in seed funding. Swaap builds the Next-Generation Market Making Protocol that leverages a combination of oracles and dynamic spread for sustainable yields and reduced trading costs. Its unique approach aims to offer liquidity providers (LPs) passive and profitable market-making strategies, addressing the critical issue of impermanent loss, prevalent in DeFi.
Launched in July 2022 on Polygon, Swaap v1 has already proven that profitable market-making on-chain is possible. Its WBTC / WETH / USDC pool, powered by Chainlink price feeds, has recorded less than 0.1% of impermanent loss.
Swaap v2 is set to revolutionize the DeFi landscape with its new enhancements and features, further improving v1. It employs the most advanced market-making models in DeFi, built by leveraging the AMM (automated market maker) simulator developed in collaboration with the Louis Bachelier Institute, a leading Math Research Institute.
Swaap v2 further boasts innovative architecture that delivers a significant improvement in data latency, elevating the platform's overall performance. Additionally, this new architecture empowers users with access to a diverse range of tokens, including yield-bearing options, further expanding the platform's capabilities and solidifying Swaap v2 as a frontrunner in the DeFi space.
The seed funding round was led by Signature Ventures with participation from high-profile investors including New Form Capital, C² Ventures, Kima Ventures, Pareto Ventures,
Read more on cryptonews.com
