Cryptocurrency exchange GRVT has received a contractual agreement of $3.3 billion in monthly trading volume ahead of its anticipated mainnet launch.
The hybrid crypto exchange received a $3.3 billion monthly trading volume agreement from popular market makers such as Galaxy Trading Asia, DV Chain, CMS and others, who committed to delivering the trading volume on a monthly basis.
The achievement can partly be attributed to GRVT’s hybrid technological stack, according to Hong Yea, the co-founder and CEO of GRVT.
Speaking about GRVT’s value proposition over centralized exchanges (CEXs), Yea told Cointelegraph:
“To really combine the best of CeFi and DeFi, to build an ultimate trading experience for users, the solution is to leverage blockchain for settlement and keep trading infrastructure or the order book offchain.”
GRVT’s Hong Yea was interviewed by Cointelegraph’s Zoltan Vardai. Source: YouTube
The significant monthly trading volume commitment comes shortly before GRVT’s mainnet launch, which is scheduled for the fourth quarter of 2024.
Related: Stacks’ smart contracts reach record high ahead of Nakamoto upgrade
DeFi is still lacking user experience, but hybrid exchanges can fill the gap
One of the most pressing criticisms of decentralized finance (DeFi) is a lack of user experience, which is making crypto beginners opt for CEXs instead.
The steep learning curve often intimidates crypto holders away from decentralized solutions, explained Yea:
“DeFi is an extremely interesting piece of technology, yet many users still use CeFi. The main reason around that is because DeFi is still very difficult to use.”
GRVT’s Hong Yea, interview with Cointelegraph’s Zoltan Vardai, clip 2. Source: YouTube
As a hybrid exchange, GRVT aims to combine the efficiency of traditional finance (TradFi) with the secure settlement of the blockchain layer while striving for a user experience similar to Web2.
Related: Sonic blockchain reaches record 720ms finality in testnet phase
GRVT partners with 16 leading market makers
Ahead of its mainnet launch, GRVT secured a strategic commitment from some leading crypto market makers, also known as liquidity providers.
The 16 market makers include Galaxy Trading Asia, Ampersan, Amber Group, IMC, Flow Traders, Pulsar, QCP, Selini and more.
The new collaborations are mainly attributed to the platform, where “anyone can trade anything” in one place, explained Yea:
“These collaborations are one of the very first and critical steps towards our mission to offer a convenient and efficient platform for deploying investment strategies, trading, and generating self-custodial wealth in an open, trustless environment through exchange liquidity, smart contracts, and community distribution.”
GRVT has been in open beta testnet since Aug. 5, with over 2.5 million registered users on its waitlist.
Crypto exchanges, monthly trading volumes. Source: Newhedge
While the $3.3 billion trading volume is impressive for a hybrid exchange, it remains a small fraction compared to the world’s largest exchange, Binance, which surpassed $484 billion in monthly trading volume during August, according to Newhedge data.