Tonic Raises $5 Million to Build a DeFi Platform on NEAR

MIAMI, April 26, 2022 /PRNewswire/ -- Tonic announced the close of a $5 million capital raise to build an open-source orderbook DEX on the NEAR Protocol. With this raise, Tonic will continue to expand its team and deliver a scalable platform for trading and building DeFi applications.

The funding round is led by Electric Capital and Move. dao5, Framework Ventures, NetZero Capital, Daedalus, and Bixin Ventures have also participated in the round. Tonic has also brought onboard prominent market makers such as GSR, Wintermute, Flow Traders, Cumberland, and Jane Street.

Founded in January 2022, Tonic is building a decentralized protocol for fast and seamless trading of any asset on NEAR and Aurora. The Tonic platform will enable developers building on NEAR's Layer 1 solution to seamlessly integrate trading functionality into their applications.

With their deep ecosystem ties and protocol know-how, Tonic's lead investors will help drive the strategic growth and expansion of the Tonic platform over the coming months, and in turn help boost the adoption of NEAR's DeFi ecosystem at large.

"Tonic is building a core piece of DeFi infrastructure for the financial ecosystem on NEAR. Tonic's order book foundation allows for all sorts of financial primitives like swaps, spot trading, options, perpetuals, and likely some we haven't seen before to be built on NEAR."

Curtis Spencer
Partner at Electric Capital

"From our earliest conversations with the founders we knew we wanted to support them and Tonic on their journey. Not only are they addressing a significant opportunity, Tonic is a very product focused team with a strong emphasis on developer experience, open source and community. The NEAR ecosystem is fortunate that we can attract such talent and we are extremely excited to be involved from day zero."

Rune Bentien
Partner at MOVE

"NEAR has been growing rapidly in the last few months due to the NEAR Foundation's primary focus on developer experience. The Tonic team's contributions to the ecosystem will set the stage for NEAR to become one of the top destinations for DeFi applications."

Tekin Salimi
Partner at dao5

About Tonic
Tonic is a fast, permissionless decentralized exchange protocol. Tonic aims to bring the speed and convenience of centralized exchanges to the blockchain while being fully decentralized. The mission is to build an open protocol for trading, owned and operated by the community.

The team is ex-FAANG software engineers with experience in developing high-performance systems, security engineering, and financial applications.

Join the community:
Website https://tonic.foundation/  
Twitter https://twitter.com/tonicdex  
Telegram Community https://t.me/tonicdex  
Discord https://discord.gg/tonicdex

For inquiries: [email protected]

About NEAR
NEAR is a high-performance blockchain designed to be super-fast, incredibly secure, and infinitely scalable. NEAR's vision is to create a network that enables people to reimagine finance, creativity, and community in new and inclusive ways.

NEAR is built by an award-winning team of engineers and entrepreneurs to be simple to use, inclusive and good for the environment. NEAR is backed by top VCs such as A16Z, Pantera Capital, Electric Capital, Dragonfly Capital, Coinbase Ventures, Blockchain.com, and Baidu Ventures.

SOURCE Tonic