Filament Raises $1.1 Million in Seed Funding to Enhance Derivatives DEX on Sei Network

Filament,
a
hybrid
decentralized
exchange
(DEX)
for
derivatives
on
the
Sei
Network,
has
successfully
raised
$1.1
million
in
a
seed
funding
round.
According
to
the

Sei
blog,
the
funding
round
was
led
by
Lingfeng
Innovation
Fund,
with
participation
from
Halo
Capital
and
Spyre
Group.

Key
Investors
and
Vision

The
seed
round
also
saw
contributions
from
several
angel
investors
associated
with
prominent
Web3
projects
such
as
Polygon,
Router
Protocol,
Stakecito,
Chorus
One,
Archerman
Capital,
and
CoinBureau.
Additionally,
former
key
contributors
to
Binance,
Sei,
and
Tendermint
also
participated.

Nicole
Zhang,
Managing
Partner
at
Lingfeng
Innovation
Fund,
emphasized
Filament’s
innovative
approach,
noting,
“Filament
stands
out
among
the
countless
Perp
DEX
projects
we
saw,
with
the
most
innovative
unified
liquidity
pool
and
product
development
from
a
user-first
perspective.”

Abhitej
Singh,
Co-Founder
of
Filament,
expressed
enthusiasm
about
the
funding,
stating,
“This
funding
will
accelerate
our
product
development,
expanding
team
and
strategic
partnerships,
positioning
Filament
as
a
leading
competitor
in
the
derivatives
trading
vertical.”

Technical
Advancements

Filament
aims
to
tackle
the
critical
challenge
of
liquidity
within
emerging
DeFi
ecosystems.
The
platform
was
developed
by
a
team
with
extensive
experience
at
Goldman
Sachs,
BlackRock,
Persistence,
Nethermind,
and
Open
Status.
Built
on
the
Sei
Network,
which
is
renowned
for
its
speed
and
sub-0.5-second
finality,
Filament
leverages
these
capabilities
for
rapid
order
execution.

Filament
introduces
a
hybrid
model
that
integrates
a
compartment-based
liquidity
pool
with
an
order
book,
allowing
it
to
operate
efficiently
even
in
low-liquidity
conditions.
This
model
can
process
over
40
orders
per
second
per
asset,
providing
users
with
a
centralized
exchange
(CEX)-like
experience.

Justin
Barlow,
Head
of
Business
Development
and
Investments
at
the
Sei
Foundation,
highlighted
the
platform’s
potential,
stating,
“Filament’s
matching
engine
leverages
Sei’s
industry-leading
time
to
finality
to
deliver
a
unique
trading
experience
that
feels
closer
to
that
of
a
centralized
exchange
than
what
we
see
in
the
decentralized
landscape
today.”

Future
Prospects

Filament
is
currently
in
beta
and
plans
an
uncapped
launch
in
mid-October.
At
launch,
the
platform
will
offer
major
perpetual
futures
markets
and
intends
to
expand
into
memecoins
and
exotic
markets,
solidifying
its
position
within
the
DeFi
ecosystem.

Co-Founder
Pratyaksh
Inani
elaborated
on
Filament’s
future,
“Filament’s
hybrid
model
seamlessly
blends
liquidity
pools
with
an
order
book,
creating
a
platform
that
adapts
to
any
market
condition.
Our
focus
is
on
expanding
into
a
full
spectrum
of
derivatives
markets.”

Filament’s
ultimate
vision
is
to
become
a
super
app
for
onchain
derivatives,
including
but
not
limited
to
perpetual
futures,
flash
binary
options,
and
synthetic
stocks.
The
platform’s
first
client,
MemeX,
focuses
on
leverage
trading
on
memecoins,
catering
to
a
broader
audience
of
traders.

About
Sei
Network

Sei
Network
is
a
high-performance,
low-fee,
delegated
proof-of-stake
blockchain
designed
for
digital
asset
trading.
It
is
the
first
Layer-1
blockchain
optimized
for
digital
asset
trading
and
the
first
parallelized
Ethereum
Virtual
Machine
(EVM).
The
network
offers
an
industry-leading
380
milliseconds
in
transaction
finality
and
can
process
12,500
transactions
per
second.

The
Sei
Foundation,
dedicated
to
the
growth
and
adoption
of
the
Sei
Network,
supports
the
ecosystem
through
education,
funding,
and
promoting
builders
within
the
Sei
community.

Image
source:
Shutterstock