DeFi Platform DeversiFi Raises $5M in Bid to Scale Trading on Ethereum

DeversiFi’s platform is intended to stop small and mid-size investors from being deterred by high gas fees on Ethereum.

AccessTimeIconMay 18, 2021 at 9:00 a.m. UTC
Updated Sep 14, 2021 at 12:56 p.m. UTC

DeversiFi, a decentralized finance (DeFi) trading platform, has raised $5 million in a funding round led by ParaFi.

  • Defiance Capital, Lightspeed Venture Partners, Ventures, Delphi Ventures, Fenbushi Capital, OKEx and others also took part, according to an emailed announcement on Tuesday.
  • DeversiFi’s aim is to help scale layer 2 trading on the Ethereum network to avoid small and mid-size investors being deterred by high gas fees.
  • “Layer 2 scaling is essential to Ethereum’s roadmap,” DeversiFi co-founder Will Harborne said. “We are creating a hub to invest, swap, send and lend tokens without the friction and cost of layer 1.”
  • The funding round – where 12.5% of DeversiFi’s new DVF tokens were sold to investors – was also joined by Aave founder Stani Kulechov and privacy software company StarkWare, which powers DeversiFi’s platform.
  • Some of the funds will go towards launching the platform's layer 2 automated market maker pools, liquidity mining and new tools, the firm said.
  • Last year, the Bitfinex-incubated startup implemented a privacy layer to allow users to protect trading strategies from rivals. 


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; 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.