ApolloX, one of the top 10 decentralized exchanges (DEXes) on CoinMarketCap as of June 2022, announced that it has secured an undisclosed amount in seed funding from investors including Binance Labs and Kronos Research.
Other investors who participated in the round include Lingfeng Capital, SafePal, TokenPocket, 3Commas and LUX Capital.
The strategic funding will help ApolloX expand its current product and build new product lines in the ecosystem — including spot trading, predict-to-earn, and DEX-as-a-Service. Since its launch in September 2021, ApolloX continues to see stellar growth, with cumulative trading volume hitting $158.87 billion in May 2022.
“Decentralized finance increasingly eats into the market share of centralized finance. Protocols are rapidly innovating in this competitive space as users demand more control, value, and accessibility. We are stoked that our investors recognize our contribution to this evolution toward decentralization and Web3,” said ApolloX Captain, Founder of ApolloX.
ApolloX offers an accessible yet sophisticated decentralized trading solution. The team’s understanding and passion for the industry drive ApolloX to build features that will change the experience for all stakeholders in cryptocurrency and blockchain.
ApolloX 2.0 and DAO Self-Governance
In April 2022, the platform announced its forward-looking plan to achieve its vision of Web3: ApolloX 2.0, a 5.75 billion APX token burn, and transition to decentralized autonomous organization (DAO) self-governance.
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The DAO structure will help further adoption of decentralized crypto assets and user-centric blockchain technology on a global level. ApolloX DAO will utilize industry-standard solutions to implement decentralized governance, and facilitate transparent and trustless decision-making by the community for platform development.
ApolloX believes the future of DAO will help to eliminate centralized leadership and empower the next generation of protocols to bring blockchain innovation to greater heights. This will bring forth new markets and opportunities for the industry.