Decentralized exchange (DEX) aggregator DEX.AG has raised $3.1 million and is rebranding to Slingshot.
Born out of the Concourse Open Community, the same group that created decentralized finance (DeFi) rankings board DeFi Pulse, Slingshot aims to help users find the best price for any given token trade on Ethereum.
The round was led by Framework Ventures, with additional participation from many others, including Electric Capital, IDEO CoLab, Coinbase Ventures, Winklevoss Capital, Digital Currency Group, Robot Ventures and more.
The dream of making trades without turning over custody of crypto assets to a third party has been a longstanding aim for the industry. DEXs struggled for a long time to compete with centralized competitors, but that’s starting to turn around. For example, one of the leaders, Uniswap, is actually doing more volume than Coinbase by some metrics.
DEX aggregators offer the insight that once users can trade straight from their wallets, they have no reason