DEX EmiSwap, a community-governed DEX, has raised $104 million in private capital.

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Despite the recent $21 billion loss in DeFi in the last two weeks, the DEX sector is still attracting large trading volumes, and investors are pouring capital into it to ensure its survival.

EmiSwap, a community-governed decentralised exchange (DEX), has collected $104 million from a huge number of investors, each of whom contributed a maximum of $25,000 to the venture.

Carl Moon, Box Mining, Edna, TMM Holdings’ Jason D, Hodl.global, ExNetwork Fund, and Inclusion Crypto Fund are among those who have backed the exchange, which operates as a decentralised autonomous organisation.

EmiSwap bills itself as a gamified, decentralised, automated market maker exchange. Automated market makers-based exchanges, unlike traditional exchanges, do not employ order books to price assets but instead utilise mathematical algorithms. They also provide liquidity from different pools and trade using smart or peer-to-peer contracts.

In addition, EmiSwap’s offer to investors includes a complete refund on Ethereum gas expenses. It also intends to deploy non-fungible token cards, known as NFT Magic Cards, in the third quarter of this year as a gamified approach to attract more users. The platform’s strategy also includes offering rewards to incentivize liquidity providers and swappers, providing cross- and multi-blockchain support, and encouraging ESW token holders to vote on the organization’s future development.

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The DEX is the first initiative to emerge from the EmiDAO coalition, which includes Alpha Sigma Capital, DigiFinex Exchange, IDCM Exchange, HollaEx Exchange, and others. The partners’ combined experience includes bitcoin exchange operations, DeFi initiatives, financial services, and regulatory compliance (eKYC and AML).

Other noteworthy fundraises in the DeFi area include the support of the DeFi interoperability standard Composable Finance by 16 notable blockchain investment firms and DiversiFi’s fundraising from crypto venture capital firms. Both were far lesser quantities of money, at $7 million and $5 million, respectively.

 

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