Concordex, which is the first DEX that was created on the Concordium blockchain, has been formally delivered on mainnet. Through this, the platform will introduce high-end trading tools to the Concordium ecosystem. A while back, it went through the testnet, wherein there were 867 users opening 3,695 placings, coupled with going through 15,212 transactions.
Concordex had successfully been able to obtain for itself the amount of $1.7 million in terms of seed funding. This took place in December 2022, and the investors for this were names such as Tacans Labs, as well as Skynet Trading, Seier Capital, Amdax, and Concordium Blockchain. With the help of the funds obtained, the entity has plans to come out with an all-inclusive array of TradFi and DeFi trading tools. It will utilize the high-end features of the Concordium blockchain. Through the platform, it is possible to carry out constant swapping, along with enhanced liquidity management, and be exposed to various fee structures for optimizing returns in the case of investors.
According to the Founder of Concordium, Lars Seier Christensen, the deliverance of the first DEX will hold great significance where the Concordium ecosystem framework is concerned. In his opinion, the new-age project will set the parameters regarding the level of adaptability in terms of DeFi, in times to come.
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As per the CEO of Concordex Labs, the company is currently involved with the development of regulated DeFi platforms on Concordium and, at the same time, opening the doors toward real liquidity. Furthermore, they will be introducing an array of trading tools to the ecosystem.
In the case of the Chief Product Officer of Concordex Labs, James Davies, he is enthusiastic about the fact that they will be exposed to the innumerable capabilities of DeFi within the Concordium ecosystem and simultaneously become the first regulated DEX in the market.
Concordium is a permissionless Layer 1 blockchain ecosystem coming with an individualistic identity-verifying layer. This helps in providing regulatory adaptability and makes certain all privacy aspects are in place. Through this, all users, as well as businesses, are able to get connected to the DeFi space.
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Concordex, on the other hand, is a new-age institutional-level liquidity management DEX that has been created on the Concordium blockchain. Concordex will make use of the regulated ecosystem for providing the initial regulated DeFi platforms.
