ApeX, a decentralized and non-custodial derivatives protocol incubated by Davion Labs, announces the close of its seed funding round led by global investors including Dragonfly Capital Partners, Jump Trading, Tiger Global, Mirana Ventures, CyberX, Kronos and M77 Ventures.
Davion Labs is a crypto and blockchain impact incubator that aims to address challenges and market opportunities in the Web3 revolution. Its first project, ApeX, is a permissionless and censorship-resistant protocol leveraging elastic automated market makers (eAMMs) to facilitate the creation of perpetual swap markets for any token pairs.
Dragonfly Capital Partners, a cross-border investment firm supporting the most promising opportunities in DeFi and DEX sectors, led the seed funding round. Other strategic investors, including Jump Trading, Tiger Global, Mirana Ventures, CyberX, Kronos and M77 Ventures, also joined the financing round and emphasized on the value propositions of ApeX to the current DeFi market.
“The story of DeFi is the story of global, permissionless financial primitives offering access to products and services people in centralized companies simply can’t provide,” said Tom Schmidt, General Partner at Dragonfly. “ApeX’s approach to providing perps for long-tail markets as well as deep liquidity for main markets via their eAMM is the next chapter in this story and we’re excited to be partnering with them.”
The seed funding will enable ApeX to further drive its development and marketing efforts. ApeX has successfully launched its beta version on the Arbitrum mainnet on Feb. 28, 2022. It aims to utilize the scalability and compatibility of Arbitrum to minimize the per-transaction cost and optimize the execution speed on its protocol.
About ApeX
ApeX is a decentralized, permissionless, non-custodial, and censorship-resistant perpetual contract protocol that facilitates the creation of perpetual swap markets for any token pairs. It enables users to trade crypto derivatives directly on the Ethereum blockchain without any intermediaries, while maintaining full control over their private keys.
Homepage: https://apex.exchange/home
Discord: https://discord.com/invite/366Puqavwx
Telegram: t.me/ApeXdex
Twitter: https://twitter.com/OfficialApeXdex
