Orderly bags $20 million raise in boost for DeFi protocol

Orderly Network, a decentralized exchange protocol, has announced a $20 million fundraise led by a group of DeFi heavyweights.

Three Arrows Capital, Pantera Capital, Dragonfly Capital, Sequoia China, Jump Crypto, Alameda Research, GSR Ventures and MetaWeb.VC all invested in the round, alongside other unnamed strategic partners, according to a press release on Thursday.

Orderly runs on Near Protocol, the blockchain backed by Tiger Global. Near helped incubate Orderly, which was only founded as recently as April this year. Woo Network, a trading platform, also had a hand in developing the protocol. Kronos Research, the market-maker, is providing liquidity for Orderly to help kickstart trading.

The first decentralized app (dApp) to launch on the Orderly Network is a user-friendly interface called Woo Dex, which will offer trading tools to users.

“Bringing deep liquidity and low-fee trading options to the Near blockchain by introducing DeFi protocols like Woo Dex will allow users to enjoy an efficient, permissionless trading experience while also giving builders the best possible platform and build experience to launch their products and services on,” Ran Yi, chief ecosystem officer at Woo Network, said in a statement.

The $20 million will be used to hire staff, develop new and existing products, and forge new partnerships.