Darius Baruo
Sep 18, 2024 03:50
Filament, the native derivatives DEX of Sei Network, has secured $1.1 million in seed funding, spearheaded by Lingfeng Innovation Fund to enhance its trading platform.
Filament, a hybrid decentralized exchange (DEX) for derivatives operating on the Sei Network, has successfully completed a seed funding round, raising $1.1 million. As reported by the Sei blog, this funding round was led by Lingfeng Innovation Fund, with backing from Halo Capital and Spyre Group.
Key Investors and Vision
The seed round also garnered investments from numerous angel investors linked to well-known Web3 projects such as Polygon, Router Protocol, Stakecito, Chorus One, Archerman Capital, and CoinBureau. Notably, former key contributors from Binance, Sei, and Tendermint were also involved.
Nicole Zhang, Managing Partner at Lingfeng Innovation Fund, highlighted Filament’s groundbreaking approach, stating, “Filament distinguishes itself from numerous Perp DEX projects we’ve assessed, featuring the most innovative unified liquidity pool and product development focused on user needs.”
Abhitej Singh, Co-Founder of Filament, expressed excitement about the funding, affirming, “This influx of capital will expedite our product development, broaden our team and strategic partnerships, and position Filament as a formidable player in the derivatives trading sector.”
Technical Advancements
Filament aims to address the critical liquidity challenges faced in evolving DeFi ecosystems. The platform has been crafted by a team with vast experience from Goldman Sachs, BlackRock, Persistence, Nethermind, and Open Status. Leveraging the Sei Network’s renowned speed and sub-0.5-second finality, Filament facilitates rapid order execution.
Employing a hybrid model that combines a compartment-based liquidity pool with an order book, Filament operates efficiently even in low-liquidity scenarios. This innovative model can handle over 40 orders per second per asset, delivering a trading experience akin to that of a centralized exchange (CEX).
Justin Barlow, Head of Business Development and Investments at the Sei Foundation, emphasized the platform’s potential, noting, “Filament’s matching engine exploits Sei’s industry-leading time to finality, offering a trading experience that feels more reminiscent of a centralized exchange than what is typically seen in today’s decentralized landscape.”
Future Prospects
Currently in beta, Filament plans to execute an uncapped launch in mid-October. Upon launch, the platform will feature major perpetual futures markets and aims to diversify into memecoins and exotic markets, fortifying its position in the DeFi ecosystem.
Co-Founder Pratyaksh Inani detailed Filament’s outlook, “Filament’s hybrid model effortlessly unites liquidity pools with an order book, resulting in a platform that adapts to various market conditions. We are dedicated to expanding into a comprehensive range of derivatives markets.”
Filament envisions evolving into a super app for on-chain derivatives, encompassing perpetual futures, flash binary options, and synthetic stocks. The platform’s inaugural client, MemeX, is focused on leveraged trading of memecoins, aiming to attract a broader audience of traders.
About Sei Network
Sei Network is a high-performance, low-fee, delegated proof-of-stake blockchain designed specifically for digital asset trading. It stands as the first Layer-1 blockchain optimized for digital asset transactions and features the first parallelized Ethereum Virtual Machine (EVM). The network boasts an impressive transaction finality of 380 milliseconds and can process up to 12,500 transactions per second.
The Sei Foundation is committed to fostering the growth and adoption of the Sei Network, providing support to the ecosystem through education, funding, and advocating for builders within the Sei community.
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