Drift Labs Raises $3.8 Million In Seed Funding Round

Drift Labs is excited to announce a $3.8M in seed round led by Multicoin Capital. Alameda Research, Jump Capital, LedgerPrime, Not3Lau Capital (Darren & Daryl Lau), QCP Capital, Robot Ventures (Tarun Chitra and Robert Leshner) and ROK Capital also participated in the round.

Notable angel investors includes Jason Choi (Spartan Capital), Julian Koh (Ribbon Finance, Loi Luu (Kyber), Celia Wan (Dragonfly Capital), Dom Tsang (Solana), Hassan Bassiri (Arca), Windra Thio (Element), Zhuoxun Yin (Coinbase/dYdX) and several others representing a blend of founders, investors and traders.

The funding announcement comes alongside Drift Protocol’s alpha mainnet launch. The capital raised in this round will go towards growing the team and providing liquidity on our Dynamic AMM (DAMM) and insurance fund.

Drift Protocol is the first perpetual swap exchange to leverage a DAMM. Drift’s DAMM is based on a virtual AMM (vAMM) but differs insofar as it Features a new re-pegging mechanism that dynamically adjusts K to recalibrate liquidity in a trading pool based on participant demand and open interest. DAMMs, as a result, have the ability to be more flexible than traditional vAMMs and AMMs, which leads to orders of magnitude better capital efficiency and reduced slippage.

ABOUT Drift Protocol
Drift Protocol is a scalable, decentralized, capital-efficient derivatives exchange built on Solana

RESOURCES
Medium

Source: https://thebittimes.com/drift-labs-raises-3-8-million-in-seed-funding-round-tbt5359.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: DeFI News

Post by: TheBitTimes.com