Increment Raises $1.56M to Bring Multi-Currency Perpetual Swaps to zkSync 2.0
We’re ecstatic to announce our $1.56M seed round funding led by ParaFi Capital and with significant contributions from Delphi Ventures, Dialectic, AngelDAO, LedgerPrime, and SkyVision Capital. This round is also joined by our angels, namely Francesco (@FrancescoRenziA), Nick (@n2ckchong), Cole (@cole0x), Joseph (@iamjosephyoung), Mariano (@Mariandipietra), Nadia (@nad8802), and Fomosaurus (@fomosaurus). The early support of all our backers has helped us tremendously in getting to where we are today.
The Increment protocol utilizes pooled virtual assets and Curve V2’s CryptoSwap AMM as the trading engine to enable multi-currency perpetual swaps on zkSync 2.0. Using a variety of crypto assets or yield-bearing assets as collateral, users can long or short global exchange rates with leverage, provide liquidity in exchange for fees, and much more — all carried out in a distributed and algorithmic fashion.
“Increment aims to build a scalable and user friendly platform focused on global exchange rates. We were impressed by Increment’s architecture, multi-asset support, and pooled-asset model. We’re excited to support the Increment team and their vision to bring exchange rate perpetuals to DeFi,” said Anjan Vinod from ParaFi Capital.
Increment’s perpetual swaps not only expand beyond the existing DeFi primitives on zkSync, but also offer a composable DeFi infrastructure intended to integrate with leading DeFi protocols and efficiently mitigate embedded foreign exchange rate risks for non-USD participants.
“We are thrilled to support Increment as the leading FX trading protocol in DeFi. We hacked alongside Increment’s all-star dev team at ETH Amsterdam and are fully confident in the team’s abilities. We are looking forward to building on Increment in the near future to expand developer awareness and trader adoption,” quoted from the AngelDAO team.
Beyond our seed investors, we are equally grateful to our community and other web3 organizations for supporting us throughout our journey, namely ETHGlobal, Kernel, zkSync, Aave Grants DAO, Secureum, Peckshield, Startup With Chainlink and many more to be announced.
So, what’s next?
We recently completed our token-gated early access beta v1 with over 1800 traders, and the next iteration — beta v2 is just around the corner as we first gear up to complete our smart contract audit with Peckshield in June.
If you’re interested in participating in our beta v2, you’ll want to join our Beta v2 Tester guild and claim your tester role in our Discord.
For a step by step tutorial on how to join, see: https://docs.increment.finance/beta-v2-guides/getting-started/claim-beta-v2-role
Once you’ve joined, you should be all set! We will distribute test tokens upon the release of Beta v2 in the coming weeks. For the latest updates and news, follow us on Twitter and keep an eye on announcements in our Discord community.
Originally published at https://increment.substack.com on June 20, 2022.
