Electric Capital Leads $4.5M Investment in Near Exchange Trisolaris

Trisolaris, a decentralized exchange on the Near protocol, has announced a strategic investment led by Electric Capital with participation from Jump Crypto, Dragonfly Capital, Leminscap and Ethereal Ventures, among others. The investment in the Trisolaris decentralized autonomous organization (DAO) totaled $4.5 million, the company told CoinDesk in an email.

• Trisolaris has $230.7 million in total value locked on the Aurora engine, according to DeFiLlama. The Aurora engine lets developers fork Ethereum-compatible contracts and deploy Solidity code on the layer 1 Near blockchain.
• Near’s Aurora raised $12 million in funding in October, and Near followed with a $100 million funding round in January.
• Trisolaris will use the capital to expand its team to continue investing in key product areas. The near-term roadmap includes improving the trading experience and infrastructure, and launching decentralized finance (DeFi) primitives (which escrow or custody funds directly in a smart contract) and cross-chain swaps between Near and Aurora.
• There are also plans to revamp the tokenomics behind the native TRI token and integrate the token into more Near ecosystem projects.
• Last week, Trisolaris launched a new stableswap product that allows users to swap funds across multiple automated market makers (AMM) from one interface. Trisolaris hopes to grow the product to over $500 million in liquidity.

Read more: Near Protocol Offers $800M in Grants in Bid for DeFi Mindshare