DEX Aggregator Rebrands to Slingshot After Raising $3.1M From Coinbase Ventures, Others

Slingshot exists in an increasingly crowded field of DEX aggregators including 1inch, ParaSwap, Matcha and even MetaMask.

AccessTimeIconNov 19, 2020 at 4:20 p.m. UTC
Updated May 9, 2023 at 3:13 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Decentralized exchange (DEX) aggregator DEX.AG has raised $3.1 million and is rebranding to Slingshot.

Born out of the Concourse Open Community, the same group that created decentralized finance (DeFi) rankings board DeFi Pulse, Slingshot aims to help users find the best price for any given token trade on Ethereum. 

  • Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
    11:52
    Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
  • Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
    11:52
    Bitcoin ETFs Are Still 'Wildly Successful': Kraken Head of Strategy
  • CZ's 'Good Guy' Reputation; Money Laundering Risks of Crypto
    02:22
    CZ's 'Good Guy' Reputation; Money Laundering Risks of Crypto
  • Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s
    02:30
    Wormhole’s W Token Has a 999% Weekly Return; Why VanEck Is Bullish on Ethereum Layer 2s
  • That said, this space has grown quite crowded, with similar solutions such as 1inch, ParaSwap, 0x’s Matcha and even the prominent Ethereum wallet MetaMask.

    The round was led by Framework Ventures, with additional participation from many others, including Electric Capital, IDEO CoLab, Coinbase Ventures, Winklevoss Capital, Digital Currency Group, Robot Ventures and more.

    The dream of making trades without turning over custody of crypto assets to a third party has been a longstanding aim for the industry. DEXs struggled for a long time to compete with centralized competitors, but that’s starting to turn around. For example, one of the leaders, Uniswap, is actually doing more volume than Coinbase by some metrics.

    DEX aggregators offer the insight that once users can trade straight from their wallets, they have no reason to look at trades on one exchange. Traders might as well look at all the DEXs for every trade. 

    “The open and permissionless nature of DeFi brings a generational platform shift that presents a new paradigm in financial services, unifying diverse global communities and allowing them to participate in emerging economies or create their own without the need to ask for permission,” Slingshot’s CEO, Clinton Bembry, said in a press release.

    Slingshot was first built at a hackathon in 2018 and has seen over $100 million in volume so far, according to the company. 

    “Slingshot’s best-in-class DEX aggregator is built to provide the seamless user experience, low latency and inexpensive transactions that DeFi users deserve,” Framework Ventures co-founder Vance Spencer said in a press release.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.