Dragonfly-backed on-chain order book Econia launches on Aptos mainnet

Crypto Ecosystems • November 28, 2023, 9:29AM EST

Published 1 minute earlier on

Quick Take

Econia Labs’ on-chain order book rolled out on the mainnet after a testnet phase where more than 1000 traders from 68 countries participated.

Crypto startup Econia Labs rolled out its on-chain order book on Aptos APT -2.60% mainnet, the company said in a statement.

Econia Labs, which earlier this year raised $6.5 million in a seed round led by crypto venture fund Dragonfly, launched on the mainnet after an initial testnet competition. During the testnet phase more than 1000 traders from 68 countries participated, per the company's website.

Econia implements an atomic matching engine that leverages Aptos’ sub-second finality, clearing trades the moment they are made, according to the firm.

The team said its aim is to cater to traders keen on avoiding centralized exchanges such as Binance and Coinbase by offering a similar experience in a non-custodial manner using the blockchain.

"By leveraging Aptos' optimistic concurrency model, Econia is built to process transactions across multiple markets in parallel with sub-second finality," the company said in a blog post.

Aptos is a Layer 1 blockchain created by former Meta employees. Aptos Labs, the main developer of the blockchain, also invested in Econia Labs’ seed round. Other backers of Econia Labs include Wintermute and Lightspeed.

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RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.