dTrade, a decentralized derivatives exchange focused on Polkadot, has raised $22.8 million in a funding round involving Polychain and Alameda.
Other participants in the round include Hypersphere, DeFiance, CMS, Divergence, MGNR, Altonomy and others.
The platform will use the funds raised to lend to market makers (MM), who must ensure the liquidity of the exchange order books.
DTrade said it has secured the backing of “the largest MMs in the crypto industry.” The statement reads:
“Market makers are market participants who place orders to buy and sell certain traded assets. MM provide efficient markets by allowing traders to smoothly open and close positions at near fair prices.”
The launch of the exchange is expected to occur shortly after the auctions for the sale of parachain slots on the Polkadot mainnet in late 2021.