Tandem by OCL Invests in Camelot, the Largest Native DEX on Arbitrum
Offchain Lab’s partner studio and venture capital arm, Tandem, has invested in Camelot, an Arbitrum native decentralized exchange (DEX), solidifying its position as a native DEX in the Arbitrum ecosystem.
Originally launched without VC funding and entirely bootstrapped by the Arbitrum community, Camelot has become the largest protocol exclusively native to Arbitrum, exemplifying the strength and potential of community-driven development.
Iron Boots, a cofounder of Camelot, said that when DeFi first gained traction, a lot of the relationships built around it were short-term and yield-focused. Camelot, however, took a different approach.
“One of the key aspects of our vision has always been to build long-term relationships. It’s not just about the rewards we exchange; it’s about working together to create something for the future,” Iron Boots said.
From its inception, Camelot has been driven by a clear mission: to foster innovation, collaboration, and sustainable growth within a thriving blockchain ecosystem. This vision led the team to focus exclusively on building a decentralized exchange tailored to the unique needs of Arbitrum.
For the first six months from its inception, Camelot spent time and resources to convince users to join Arbitrum, this was because Camelot recognized Arbitrum as a network beyond its technical capabilities, offering an organic and vibrant ecosystem for developers and projects. The team also aligned with Arbitrum’s core mission of making blockchain more scalable and secure for everyone.
This fundamental alignment of values between Camelot and Arbitrum served as a cornerstone for the DEX’s approach. Rather than chasing short-term gains, Camelot prioritized structuring itself to fully commit to long-term, sustainable goals.
“Camelot has become a cornerstone of the Arbitrum ecosystem, providing a robust decentralized exchange and a hub for innovation and collaboration. Their commitment to supporting builders, fostering community growth, and aligning with Arbitrum’s vision has played a critical role in the network’s success,” A.J. Warner, Chief Strategy Officer at Offchain Labs said. “Camelot’s presence strengthens our ecosystem, and their focus on sustainability and long-term value creation continues to drive meaningful progress for all participants.”
Today, Camelot is not only a liquidity hub on Arbitrum but also a launchpad for new projects and a community-driven platform for builders. The DEX has over 75 partners and $46 billion in volume traded, generating over $48 million from fees and a TVL of $120 million. Additionally, Camelot was one of the first protocols to expand beyond Arbitrum One and Nova and has now been deployed on over 14 different Arbitrum chains.
Tandem’s investment in Camelot highlights Offchain Labs’ confidence in its mission and potential. “We are committed to supporting projects that push the boundaries of what’s possible in DeFi. Camelot’s approach to creating sustainable, community-driven solutions in the Arbitrum ecosystem made it a natural fit for our portfolio,” Ira Auerbach, Head of Tandem, said.
As Arbitrum expands, Camelot will be at the forefront. Although initially focused on Arbitrum One, Camelot now extends its reach to other Arbitrum chains. This shift has broadened Camelot’s role in the Arbitrum ecosystem, becoming a unifying force for liquidity across various networks.
“It’s not just about building technical bridges between chains; it’s about making all these different chains feel like an integral part of Arbitrum. A key part of our vision moving forward is figuring out how to create a cohesive and aligned ecosystem across all of them,” Iron Boots said.
