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Crypto startup Econia Labs has rolled out its on-chain order book Aptus APT
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Econia Labs, which raised $6.5 million earlier this year in a seed round led by crypto venture fund Dragonfly, launched on the mainnet after an initial testnet competition. During the testnet phase, more than 1,000 traders from 68 countries participated, according to the website company website.
Econia implements an atomic matching engine that leverages Aptos’ sub-second finality, ensuring transactions are settled as soon as they are made, the company said.
The team said its goal is to cater to traders who would like to avoid centralized exchanges like Binance and Coinbase by offering a similar experience in a non-custodial manner using the blockchain.
“Leveraging Aptos’ optimistic concurrency model, Econia is built to process transactions across multiple markets in parallel with sub-second finality,” the company said in a blog post.
Aptos is a Layer 1 blockchain created by former Meta employees. Aptos Labs, the main developer of the blockchain, also invested in Econia Labs’ seed round. Other backers of Econia Labs include Wintermute and Lightspeed.
About the author
RT Watson is a senior reporter at The Block covering a wide range of topics including US-based companies, blockchain gaming and NFTs. Previously, he covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creative economy, while he mainly focused on technological disruption in the media. Previously, he reported on business, economic and political news in Brazil at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, workers, drug traffickers and convicted criminals. Obtained a master’s degree in digital sociology.
