deFIRE is a Cardano-based smart order routing platform. The firm announced it had successfully raised $5 million ahead of its up-and-coming Initial DEX Offering (IDO) on Thursday, as per a press release shared with CryptoSlate.
This venture capital funding round included big players from both legacy and crypto-specific firms. Strong interest at this early stage of development bodes well for both deFIRE and Cardano.
“The new capital injection was led by industry heavyweights such as Morningstar, Cryptodromfund, SwissBorg Ventures, Lotus Capital, MoonWahle, Hype Partners, Axia8 Ventures, Newtribe Capital, GenBlock, Sheesha Finance, IBA, Exnetwork, Nodeseeds, and CoinsGroup.”
DeFi on Cardano edging closer
It will be the first fiat on-ramp and swap solution for Cardano native tokens, allowing token holders to swap one Cardano token for another directly.
The deFIRE platform provides execution services on decentralized exchanges for token swaps, order routing services across DEXs, and intermediary services between wallets and DEXs.
It distinguishes itself by offering a low latency decentralized order router service and is capable of handling institutional order flow originators and standard demands from retail traders.
deFIRE is one of the first projects incubated on the OccamRazor launchpad solution. Mark Berger, President of the Occam Association, predicts massive liquidity flows coming for Cardano once Alonzo goes live.
As far as meeting the challenge ahead, Berger said that deFIRE’s “rock star” team has appropriately designed and executed the project to handle expected order flows in a trustless manner. He added the competition doesn’t come close.
“We embrace this challenge by merging a rockstar tech team that has built its name in the Cardano ecosystem and the wide business network, other resources of Changelly to build the first optimal execution infrastructure for Cardano. Led by the best team and powered by the CWAP native token, deFIRE is light years ahead of competition.”
The deFIRE token will make its debut through an IDO held on the OccamRazer platform on a date to be announced.
A look ahead at the future of deFIRE
The $5 million pre-IDO funding will be used to leverage token liquidity during this early stage of development, build community support, and test price discovery.
Following the IDO, deFIRE intends to develop decentralized governance of its ecosystem via the implementation of a Decentralized Autonomous Organization (DAO).
DAOs are open source code, independent from their creator or any other party, that executes orders for the betterment and sustainability of the associated ecosystem. Its protocols are determined via consensus from stakeholders. This mechanism usually operates via a token system to prevent spam proposals and to disincentivize bad actors.
Much is expected from deFIRE, even during these early stages. But with the pre-IDO funds in hand, the team can now better focus on meeting expectations.
Get an edge on the cryptoasset market
Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.