Flood Raises $5.2 Million in Seed Funding
Flood, a decentralized exchange aggregator focused on the Ethereum ecosystem, has successfully raised $5.2 million in a seed funding round. The co-founders, Francesco and Jan, have extensive experience in the crypto industry.
Bain Capital Crypto is one of the leading investors in this funding round and has secured an observer seat on Flood’s board.
What Sets Flood Apart?
Flood is a DEX aggregator that currently operates on Arbitrum One and has plans to expand to Ethereum, Base, and Optimism. The platform’s unique proposition lies in its optimal routing system that ensures trades are executed at the best prices.
Unlike other aggregators that use an RFQ model, Flood believes this approach is suboptimal due to the potential for collusion. In the future, Flood users will be able to independently verify that they received the best price through a simple proof verification process.
In addition to being a DEX aggregator, Flood also operates its own decentralized exchange called FloodSwap, which has already facilitated over $1.3 million in trading volume.
Gasless Trading and MEV-Free Features
Flood offers several key features that differentiate it from other platforms. Users can engage in gasless trading, meaning they don’t need to pay gas fees directly when executing trades. Instead, users simply sign a message indicating their desired outcome.
Flood’s optimal routing system also eliminates the possibility of profitable backrunning, ensuring fair trades for all users. Any arbitrage opportunities detected by Flood are captured and returned to users as a surplus.
Last month alone, Flood users benefited from over $8,000 in surplus returns. While Flood currently focuses on the Ethereum ecosystem, it remains open to exploring other blockchain networks in the future.
Expansion and Hiring Plans
With the new funding secured, Flood plans to expand its team by hiring more professionals in business development and engineering. Currently, the project has six team members dedicated to further developing and growing the platform.
Hot Take: Flood Revolutionizes DEX Aggregation with Optimal Routing
Flood’s seed funding success demonstrates strong interest in its unique approach to decentralized exchange aggregation. By prioritizing optimal routing and eliminating gas fees for users, Flood aims to provide a fair and efficient trading experience. With plans to expand to additional blockchain networks, Flood is poised to make a significant impact in the crypto industry.
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