GammaX Announces Funding for New Decentralized Derivatives Exchange

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Order book-based derivatives exchange will be built on StarkWare’s Layer 2 platform

Today we closed a $4 million seed round to build our decentralized, order book-based derivatives exchange on StarkWare’s Ethereum Layer 2 platform. 

“Our mission is to create the world’s fastest, most complete, easiest to use and most responsive exchange available to traders,” said our cofounder Defi Das. “In order to achieve that we are blending the best aspects of both centralized and decentralized exchanges.”

Our investors include StarkWare, Dexterity Capital, Alphaonce, Cobo, Genesis, Kyber, Ledger Prime, Matrixport, Profluent, Uncorrelated and 01Node

Defi Das revealed that GammaX has been engaging with hundreds of traders around the world through interviews and surveys to learn what they want in a next generation perpetual futures exchange.  “What we are hearing is that many of the exchanges available in our industry fall short in a variety of areas when it comes to a top-notch trader experience,” he said. 

GammaX will combine the performance benefits of an order book-based exchange with the benefits of decentralization, especially when it comes to ease of onboarding, non-custody of assets and lower latency. The company will use the funds to add features for a planned Mainnet launch later this year as well as to build their community of traders.

“We know how important speed is when you are trading perpetual futures and other complex derivatives so we’ve set our sights on creating the fastest exchange on the market,” said Defi Das. “Gamma symbolizes high-energy and speed in physics and also is used in options trading as a measure of acceleration, which is why we chose the name GammaX.”

“GammaX has an experienced, entrepreneurial team with a track record of bringing innovative products to market,” said StarkWare CEO and cofounder Uri Kolodny. “We look forward to working with them to usher in a new era of derivatives trading.”  

Defi Das said GammaX will evolve to be fully in alignment with the principles and promises of a decentralized financial infrastructure, but in the short-term won’t make choices that sacrifice user experience.

In the future, we plan to offer superior rewards tokenomics that will appeal to both beginner and advanced traders, including trading rewards and “earn to learn” opportunities to help traders master the nuances of derivatives.  “We want this to be a superior experience for all traders from the newest newbie to the most veteran pro traders,” said Das. “And the only way we can do that is to work closely with our trader community to help us quickly bring them the features they most want in a next generation exchange.” 

Traders interested in participating in GammaX’s beta launch can sign up here.

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