Cryptocurrency startup Econia Labs has launched an on-chain order book. apartment appropriate
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Econia Labs, which raised $6.5 million in a seed round led by cryptocurrency venture fund Dragonfly earlier this year, launched on mainnet after an initial testnet competition. During the testnet phase, more than 1,000 traders from 68 countries participated, according to the company’s website.
Econia implements an atomic matching engine that leverages Aptos’ sub-second finality to clear transactions the moment they are made, according to the company.
The team said the goal is to serve traders who want to avoid centralized exchanges like Binance and Coinbase by providing a similar experience in a non-custodial manner using blockchain.
“By leveraging Aptos’ optimistic concurrency model, Econia is built to process transactions across multiple markets simultaneously with sub-second finality,” the company said in a blog post.
Aptos is a layer 1 blockchain created by former Meta employees. Aptos Labs, a leading blockchain developer, also invested in Iconia Labs’ seed round. Other backers of Econia Labs include Wintermute and Lightspeed.
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RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.