Dubai-based EmiSwap secures $1.38M for the world’s first community-governed decentralized exchange (DEX) with gamified NFT mechanics
EmiSwap, a Dubai, UAE-based crypto tech startup, announced today it has closed $1.38 million in private funding for the world’s first community-governed decentralized exchange (DEX) with gamified NFT mechanics. The round was led by some of the major crypto leaders.
Founded in June 2020 by co-founder Grigory Rybalchenko, EmiSwap is the first Automated Market Maker (AMM) decentralized exchange with NFTs and ESW governance token that compensates 100% gas fee. The company distributes 100% of its profit to users.
EmiSwap is the first project in the EmiDAO ecosystem, a decentralized autonomous organization (DAO) augmented with $ESW governance tokens that aim to create a full solution for decentralized finance (DeFi). EmiSwap users gain from every transaction simply by holding ESW thus getting instruments for financial independence. With EmiSwap’s end-to-end comprehensive DeFi solution, liquidity providers receive substantial incentives and ETH gas refunds.
Commenting on the funding, Rybalchenko said: “We haven’t chosen a typical investment strategy like those that usually focus just on attracting some big names instead of the value which investors bring alongside.”
Rybalchenko continued: “You will not see big funds in our investment rounds, we’ve decided to choose the strategy of distribution of power and giving allocation to strategic private investors – ExNetwork Fund, Constantin Kogan, managing partner at Waves Financial and C Capital and Inclusion Crypto Fund and more; community leaders – Hermes Asian Community for example; influencers – Carl Moon, Boxmining and others; as well as liquidity providers who are bringing their expertise and network to help us to do the rocket launch and keep making sustainable success in a long run.”
DeFi had a tough couple of weeks, but despite the $21 billion loss, volumes of DEX-based swaps continue to be strong, while Ethereum transaction costs continue to grow. Competing DEXs in the DeFi field have a predisposition to target only one feature, such as primarily liquidity pool expansions and incentives for LPs or capital efficiency with a concentrated liquidity feature for users to deposit money at unique pricing curves. To improve the user experience for investors and fulfill its promise of being the most rewarding DEX on the market, EmiSwap offers a bundle of functionalities all while compensating LPs and swappers for all meaningful interactions and operations.
EmiSwap provides its users with a variety of unique features, such as high returns for LPs and swappers, a 100% return on ETH gas fees with ESW governance tokens, a scalable DAO platform, cross-blockchain compatibility, multi-blockchain interoperability, and an advanced referral program. EmiSwap also intends to develop gamified NFT mechanisms for its unique utility NFT cards in Q3 2021.
The Magic Card NFTs can be used to optimize revenue, be auctioned on marketplaces, and used as playable items in cool contests like Card Wars, a tournament inspired by the popular card games Magic: The Gathering and HearthStone, that’s set to launch in Q4 2021.
EmiSwap is the first project of the EmiDAO alliance and its members, all of whom are actively involved in the product’s management and support, include Alpha Sigma Capital: A leading cryptocurrency exchange in terms of trading volume and liquidity; DigiFinex Exchange: An exchange with over 300 cryptocurrencies listed and 2.1 million global users.
Others include Bitmart Exchange: The first decentralized financial project in which all revenue is distributed to stakeholders; Emirex Exchange: An all-in-one, open-source white-label exchange solution that allows anyone to run a full crypto trading platform; HollaEx Exchange: A cryptocurrency exchange and financial services firm based in Hong Kong that works in media, social, mining, digital asset management, markets, and research; IDCM Exchange: An exchange harnessing the power of blockchain and financial innovation, and Everest Group: a global banking platform that integrates eKYC, AML, whitelist-as-a-service, and fiat-in/out ramps.