Tonic Raises $5M Seed Round Led by Electric Capital and Move

Tonic
2 min readApr 26, 2022

We are excited to announce our seed round led by Electric Capital and Move. dao5, Framework Ventures, NetZero Capital, Daedalus, and Bixin Ventures have also participated in the round, along with strategic angels. Tonic has also brought onboard prominent market makers including GSR, Wintermute, Flow Traders, Cumberland and Jane Street.

What is Tonic?

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

Why NEAR?

  • Speed: 1 second block times and 1–2s transaction finality.
  • Scalability: Nightshade sharding ensures NEAR can scale for millions of users.
  • Developer Experience: NEAR has the best devX of any L1.
  • Community: Optimism is contagious.

The Raise

The NEAR ecosystem has grown tremendously since the start of the year, which has largely been driven by Aurora. Our team is excited to continue building on NEAR’s Layer 1 solution, which we expect to grow even faster as more developers enter the ecosystem.

So, what’s coming over the next few weeks?

  • Testnet Release
  • SDK/API documentation
  • Partnership announcements
  • AMA with the team

And more…

The funding will be used to grow our team — we’re hiring across the board! Tonic will be core infrastructure on NEAR and the opportunity is immense. We’re hiring developers across the stack, a BD lead, and several other roles. Check out our jobs board at https://tinyurl.com/tonichiring

Our Team

Our team is composed of ex-FAANG software engineers with experience in developing high-performance systems, security engineering, and financial applications. We believe that mass adoption is NEAR, and that the nascent ecosystem needs robust DeFi primitives.

Our Investors

With deep ecosystem ties and protocol know-how, Tonic’s 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.

Read more about our announcement: https://finance.yahoo.com/news/tonic-raises-5-million-build-130700419.html

Learn more:

Website https://tonic.foundation/

Twitter https://twitter.com/tonicdex

Discord https://discord.gg/tonicdex

--

--