Electric Capital Leads $4.5M Investment in Near Exchange Trisolaris

Jump Crypto and Dragonfly Capital also invested in the decentralized exchange on the Near protocol.

AccessTimeIconApr 4, 2022 at 4:33 p.m. UTC
Updated Apr 4, 2022 at 4:44 p.m. UTC

Brandy covers crypto-related venture capital deals for CoinDesk.

Trisolaris, a decentralized exchange on the Near protocol, has announced a strategic investment led by Electric Capital with participation from Jump Crypto, Dragonfly Capital, Leminscap and Ethereal Ventures, among others. The investment in the Trisolaris decentralized autonomous organization (DAO) totaled $4.5 million, the company told CoinDesk in an email.

  • Trisolaris has $230.7 million in total value locked on the Aurora engine, according to DeFiLlama. The Aurora engine lets developers fork Ethereum-compatible contracts and deploy Solidity code on the layer 1 Near blockchain.
  • Near’s Aurora raised $12 million in funding in October, and Near followed with a $100 million funding round in January.
  • Trisolaris will use the capital to expand its team to continue investing in key product areas. The near-term roadmap includes improving the trading experience and infrastructure, and launching decentralized finance (DeFi) primitives (which escrow or custody funds directly in a smart contract) and cross-chain swaps between Near and Aurora.
  • There are also plans to revamp the tokenomics behind the native TRI token and integrate the token into more Near ecosystem projects.
  • Last week, Trisolaris launched a new stableswap product that allows users to swap funds across multiple automated market makers (AMM) from one interface. Trisolaris hopes to grow the product to over $500 million in liquidity.

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Brandy covers crypto-related venture capital deals for CoinDesk.

CoinDesk - Unknown

Brandy covers crypto-related venture capital deals for CoinDesk.