Vessel Finance, a DEX powered by zero-knowledge (ZK) technology, has recently secured a substantial investment from some of the most influential players in the Web3 space.
We are excited to announce that Vessel has successfully secured $10M in seed round. These funds will be strategically utilized in:– Integrating CEX efficiency with DEX transparency– Enhancing liquidity efficiency– Developing advanced ZKP solutions for DeFiOur challenges… pic.twitter.com/tzRkMZlnCp
— Vessel (@VesselFinance) August 8, 2024
Vessel recently closed a $10 million seed funding round, attracting investment from prominent entities such as Sequoia, Scroll co-founders Sandy Peng and Ye Zhang, Avalanche Foundation, Algorand Foundation, IMO Ventures, Folius Ventures, and Incuba Alpha. The funds will be used to develop a comprehensive layer-3 (L3) network for the decentralized finance (DeFi) space.
Layer-1 represents the core blockchain architecture, layer-2 focuses on scalability and speed, and L3 provides proprietary protocols that enhance user experience, interoperability, and functionality. Vessel’s L3 network will incorporate ZK-proofs to secure user assets and prevent malicious acts. Additionally, Vessel plans to expand collaborations with key industry partners, driving innovation and growth within its ecosystem.
To reward early supporters and loyal users, Vessel is launching its first mainnet incentive program, Vessel Voyage, which aims to strengthen community engagement.
Vessel Mainnet is now live on @scroll_ZKP Trade your waves at https://t.co/nGj1whS2nd Dive into Vessel Voyage campaign for lucrative rewards Enjoy enhanced fee potential with our innovative VAELOB modelLet’s embark on this mainnet voyage and navigate the… pic.twitter.com/FY7FdBqomx
— Vessel (@VesselFinance) August 12, 2024
Bridging the Gap and Evening the Odds
The crypto trading industry has always grappled with the challenge of balancing efficiency and transparency. Centralized exchanges (CEXs) offer swift transactions but often lack transparency, leading to concerns about security and trust. Conversely, DEXs provide users with greater visibility into system operations but typically involve lengthy processes, which can hinder the fast-paced crypto market.
VESSEL FINANCE: $10M FOR DEFI DISRUPTIONVessel Finance just scored $10 million to rev up DeFi with their layer-3 network and zero-knowledge proofs.They’re mixing CEX speed with DEX transparency using their VAELOB model, boosting liquidity and fees.With Sequoia and Avalanche… pic.twitter.com/Gfu292DwfR
— Mario Nawfal’s Roundtable (@RoundtableSpace) August 12, 2024
ZK-proof technology offers a solution to this conundrum. It allows a large amount of off-chain computation to be packed into SNARK proofs and then submitted on-chain. This process verifies the validity and authenticity of user actions without revealing the underlying information, providing both transparency and efficiency. This innovative approach eliminates the traditional trade-offs between speed and security in the crypto space.
Vessel Finance aims to combine the best of both worlds – the reliability of DEXs and the speed of CEXs. By leveraging ZK technology, the platform ensures verifiable and transparent processes while allowing users to maintain self-custody of their assets. The DEX currently offers services in direct asset trading (spot) and plans to introduce long-term trading contracts (perpetual) and other advanced financial products like derivatives in the future.The emergence of ZK-powered DEXs like Vessel Finance at this time marks a new chapter in the crypto trading industry. By integrating the best features of both CEXs and DEXs, they offer a promising solution to the age-old trade-off between speed and security. With the backing of Web3 heavyweights, Vessel Finance is well-positioned to significantly impact the DeFi space.
The post Vessel Finance ZK-Powered DEX Scores $10M Investment from Top Web3 Players, Launches Main Network appeared first on Coinfomania.