Is a new round of DeFi dark horses coming?
Defx received $2.5 million in financing to engage in an optimised version of the perpetual DEX! Investors are Yishui's veteran crypto institutions:
Pantera Capital, CMT Digital, Baboon VC, gumi Cryptos Capital (gCC), CoinShares Ventures, Robot Ventures, and Polygon co-founder Sandeep Nailwal
The purpose of the financing is not complicated: Defx intends to build a Layer1 public chain + DEX linkage infrastructure optimised for perpetual contract transactions.
What exactly is Defx?
A high-performance L1 blockchain + a DEX modular protocol that natively supports perpetual contracts for derivatives trading.
The goal is very clear: to solve the pain points of perpetual transactions in the current DeFi market, such as large slippage, slow matchmaking, and expensive fees.
The L1 window is indeed shrinking right now, but there is still room for custom chains built for applications.
In particular, this kind of project that serves professional transaction users does not follow the bubble narratives of NFT, Meme, and chain games, but honestly does performance and matchmaking, which is more likely to precipitate real transaction volume.
Whether on-chain trading can really compete with centralised exchanges in the future does not depend on how fancy the UI is, but on who can be close to CEX in terms of execution speed, liquidation stability, and cost control.
Defx, that's exactly what happened.
Follow-up focus can be focused on:
Mainnet timeline (testnet launch is currently expected in Q3)
Whether protocol tokens will be introduced (staking models similar to GMX and DYDX)
Whether it will connect with the existing DEX and clearing network to promote external integration
Defx is not here to grab the popularity of Layer 1, it is a low-level upgrade born for trading. If you can really do a good job of the contract experience, it is likely to be the next GMX + dYdX combination.
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