Econia Labs is a crypto firm that is tasked with building a decentralized order book infrastructure on the Aptos blockchain network. It also provides a back-end settlement engine that powers Aptos DeFi(Decentralized Finance). Econia leverages Move and Block-STM to offer superior performance and maximum composability that ensures seamless integration with a suite of other protocols. The engine can isolate the state of different markets into different regions of global memory while clearing trades as they come in and providing web-scale performance. With its leveraged perpetual futures, Econia pools liquidity for maximum capital efficiency. This approach provides decentralized application developers and market makers a shared trading platform that can be tapped into from anywhere within the ecosystem.
Econia Labs has recently raised $6.5 million in its seed round. The fundraiser was led by Dragonfly and garnered participation from other entities including Aptos Labs, Flow Traders, Hudson River Trading, Wintermute Ventures and Lightspeed Faction among others. While leading the investment from DragonFly, Kadin Donohoe iterated that sustained turmoil against crypto exchanges has given rise to the need for decentralized order books. He also expressed that Econia Labs has managed to leverage the Aptos network architecture to support atomic matching on-chain and that he was proud to support their vision for transparent and open markets. The Econia protocol has implemented a mechanism that allows it to garner a wide array of applications ranging from spot trading to leveraged perpetual futures.
The Econia Protocol is open-source and is now in its fourth major iteration that has undergone 3 audits and made live on the Aptos Testnet. The protocol has been termed as feature complete at the VM(Virtual Machine) level and decentralized application integrators can commence integrating their smart contracts to Econia’s engine. In the recent future, DeFi developers will also have access to client libraries, SDKs and other tools that Econia Labs is building around its core protocol to facilitate easier integrations. The CEO of the firm has expressed his excitement to have achieved a milestone in building a high performance settlement engine. The firms activities are set to broaden the DeFi ecosystem and has keen interests in other firms developing permissionless exchanges to facilitate spot trading, leveraged perpetual futures and other derivatives.
The next generation of DeFi dictates that some conditions must be met first. These conditions include being first of all decentralized, always open-source, permissionless, secure and fully on-chain. In this regard, Econia has set a base level as the next generation of DeFi as it has managed to accomplish all of the above listed conditions. It is therefore poised to become the economic engine of tomorrow. Econia Labs is consequently, actively expanding its development team to meet its obligations to its users. To accelerate the development cycle, the firm is looking for top notch decentralized developers with experience in smart contracts, DeFi, trading views, SDKs and full-stack operations. The company is also focusing on APAC(Asia Pacific) region hiring to back growth in the region.
Econia Labs raises $6.5 million in seed fundraising round led by Dragonfly.
