The decentralized finance (DeFi) protocol, Router, has announced investments from Surojit Chatterjee, Chief Product Officer of Coinbase, and Gokul Rajaram of Doordash.
The announcement was made on August 5 when Ramani Ramachandran, CEO, and co-founder of Dfyn and Router Protocol said that they were very excited to have Gokul and Surojit as part of the journey.
“We’ve gone from a niche DeFi project to a fast-growing DeFi ecosystem in less than six months.”
He added that the pair has decades of combined experience in building and scaling industry-defining products to billions of users at companies such as Google, Coinbase, Doordash, and Flipkart. Chatterjee served as VP of Product at Google until the beginning of 2020 when he joined Coinbase.
Their involvement and contributions will help Router scale the product suite to serve the next wave of retail and institutional DeFi adoption, he added. The funds, which were not detailed, will be used to build upon and augment the protocol’s technical and marketing capabilities.
Cross-chain DeFi
The Router Protocol is building a suite of cross-chain liquidity solutions that provide bridging infrastructure between current and emerging Layer 1 and Layer 2 blockchains. It has already partnered with several of them including Polygon, Avalanche, Elrond, Algorand, HECO, and Chainlink.
The Router Xswap testnet went live last week and it plans to launch to mainnet in the next few weeks. The platform uses a multi-chain automated market maker called Dfyn which is currently running on Polygon.
Dfyn has been growing rapidly since its initial DEX offering) on Polkastarter’s Launchpad on May 10. The DEX currently has a total value locked of $220 million according to DappRadar.
Dfyn nodes on various connected chains act as liquidity entry and exit points into the “cross-chain liquidity super mesh” that is being enabled by Router Protocol.
Router’s function is to connect various chains enabling the liquidity to seamlessly flow between them. Liquidity fragmentation has become a big problem in DeFi recently with so many different chains and protocols, many of which offering the same thing. Chatterjee commented:
“Crosschain liquidity migration is a key problem currently and the combination of the DFYN multichain AMM mesh and the Router XCLP Crosschain Protocol has real potential to be a pioneer in this space,”
DFYN Price Outlook
The native token of the decentralized exchange has gained 3% on the day according to CoinGecko. At the time of writing, DFYN was trading at $1.40 but it is still down over the past month.
DFYN hit an all-time high of $8.38 on May 16 but has since retreated 83.4% from those levels.
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