Today, a global digital asset market maker, DWF labs has collaborated with Synthetix, a leading derivatives liquidity protocol. DWF confirmed and explained the details of the collaboration in its latest Twitter post. According to its announcement, Synthetix will be leveraging on the partnership to avail liquidity & market make SNX tokens on centralized and decentralised exchanges.
Meanwhile, the collaboration will also ensure that DWF labs become an active member of the Synthetix protocol. This is because the web3 investment firm will integrate and trade Synthetix perps. More so, DWF lab will participate in SNX Governance during the Epoch voting, and community and product dialogue. By so doing, the firm is seeking to deepen SNX liquidity across the sphere.
Worthy of note that this development comes a few days after DWF labs invested $10 million into Orbs network. As reported by Binbits, the investment was in the form of purchasing Orbs tokens. Certainly, the investment is to be carried out in tranches. As of press time, the first tranche has been settled. The remaining tranches, as revealed, will be made over time.
As for Orbs, it plans to use the funding to accelerate the development of its network infrastructure. Also, the firm wants to enhance the adoption of Ethereum Virtual Machine (EVM) chains and on The Open Network (TON) through the investment. In recent times, it developed numerous solutions geared towards driving the growth of DeFi. Recall that it once developed a flagship L3 product, known as decentralized time-weighted average price (dTWAP) for DEXs.
DWF labs and its numerous investments in web3 projects
According to findings, DWF labs aims to continuously empower DeFi and Web3 projects. Beyond Orbs, it has shown appreciable commitment to investing in numerous web3 and DeFi projects. Earlier, it reportedly joined hands with A16z Crypto to raise about $13 million for Yield Guild Games (YGG), a leading play-to-earn guild. Just like Orbs’ investment, YGG funding also came in the form of a token sale round. Through the funding, the play-to-earn project wants to accelerate the development of its soulbound reputation token (SBT).
Last February, DWF lab also invested in Beldex, a web3 ecosystem of decentralized applications. According to reports, the investment was worth $24 million, helping the project to fund its research and development of its ecosystem. Beyond the funding, DWF labs also provided marketing logistics for Beldex. All these investments in projects justify the commitment of the digital asset market maker in fostering web3 development.
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