ApeX Protocol closes seed round led by top strategic and anchor investors

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ApeX, a decentralized and non-custodial derivatives protocol incubated by Davion Labs, has announced the close of its seed funding round led by global investors including Dragonfly Capital Partners, Jump Trading, Tiger Global Management, Mirana Ventures, CyberX, Kronos and M77.

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 (eAMM) to facilitate the creation of perpetual swap markets for token pairs.

Dragonfly Capital Partners, a cross-border investment firm supporting the most promising opportunities in the decentralized finance (DeFi) and decentralized exchange sectors, led the seed-funding round. Other strategic investors, including Jump Trading, Tiger Global, Mirana Ventures, CyberX, Kronos and M77, also joined the financing round and emphasized 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 of Dragonfly. “ApeX's approach to providing perps for long-tail markets as well as deep liquidity for main markets via its eAMM is the next chapter in this story and we're excited to be partnering with them.”

The seed funding will help ApeX further drive its development and marketing efforts. ApeX 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 per-transaction costs and optimize the execution speed on its protocol.

About ApeX

ApeX is a decentralized, permissionless, non-custodial and censorship-resistant perpetual contract protocol facilitating the creation of perpetual swap markets for 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.

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