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Deximum Protocol Raises $10M to Power Innovative Products in DeFi

UTC by Benjamin Godfrey · 3 min read
Deximum Protocol Raises $10M to Power Innovative Products in DeFi
Janis Balodis, CEO of Deximum. Photo: Deximum

Deximum is built with the mission to create innovative blockchain solutions for corporate clients in the DeFi space and to provide staking infrastructure and “crowd-staking” services for individuals all around the world.

Decentralized Finance (DeFi) protocol Deximum has raised the sum of $10 million from investors during a multi-month Roadshow program. Per the source shared with Coinspeaker, about 53 investors participated in the funding round following the recognition of the project as innovative and a changemaker in the balance of power in the DeFi space.

As unveiled by the startup, the injected capital will be used in powering the growth of the protocol, as it prioritizes its main task of developing an attractive project concept for investors while aiming to grow the site to be amongst the top-5 world DEX platforms in operation in a few years. The pursuit is undoubtedly a highly ambitious one considering the fact that the DeFi is transitioning at a very fast rate, with new innovations being introduced and existing protocols upgrading their supposed product offerings.

Decentralized Finance has been tagged as one of the game changers in the application of blockchain technology with the evidential inflow of funds. According to DeFiPulse, the Total Value Locked (TVL), a measure of how much money is invested in various projects in the DeFi ecosystem, is pegged at $82.07 billion, a figure that rose from $7.075 billion on August 26, 2020. The TVL shows how far the market has grown, and despite this growth, many industry leaders see the offshoot as one of those with the largest potential for incremental growth in the coming months/years.

Deximum is positioning its platform, as well as its ecosystem for the future, and with the funds from investors, it is all geared up to fast-track its development per the timelines defined on its roadmap.

Deximum Protocol and Its Proposed Products in the DeFi World

Deximum is built with the mission to create innovative blockchain solutions for corporate clients in the DeFi space and to provide staking infrastructure and “crowd-staking” services for individuals all around the world. One of the central offerings is the provision of liquidity which is billed to leverage yield farming and incentivize liquidity providers with high APY rates on their assets.

At the heart of these defined product offerings is the DexiSwap Exchange, a trading platform that combines the best features of both Automated Market Maker (AMM) and order book DEXs and to aid users in trading and providing liquidity in a totally new, more profitable way. DexiSwap will operate through the use of smart contracts, one of the independent operational models that the DeFi terrain brandishes to be a superior financial innovation that cuts out middlemen and the associated costs involved in keeping them.

The DexiSwap exchange is designed with real-time price quotes and provides a functional UI that aids the instant execution of trades. The platform also supports the adoption of ERC721 and ERC1155 standards and will enable the protocol to add more assets available for users to trade, such as tokenized shares of public companies, valuable metals(gold, platinum) and NFTs.

At the time Deximum will be functioning optimally, other features such as Market Making Pool, Donation Platform, the launch of a DeFi SuperApp, and DSTo Token will also be floated. The Deximum project is led by Janis Balodis, a professional with diverse experience in government and in building startups. Per the project roadmap, ecosystem functionality is billed to be attained by Q2 2022, however, continuous product development will form the core technological focus for the firm.

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Benjamin Godfrey

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.

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