Quick take:
- Built on MegaETH, an Ethereum Virtual Machine (EVM)-compatible blockchain, GTE follows a concept more akin to the NYSE than its fellow blockchain-based exchanges.
- Its platform uses a central order book (CLOB) to match buy and sell orders based on price and time priority.
- GTE seeks to fix two major issues found on DEXes: blind trust and high-order latency that is accompanied by unfeasible transaction costs.
GTE, a decentralised crypto exchange (DEX) platform, is seeking to become the “ world’s fastest DEX, hand as raised $15 million in a Series A funding round solely anchored by Paradigm, according to reports on Monday.
Built on MegaETH, an Ethereum Virtual Machine (EVM)-compatible blockchain, GTE follows a concept more akin to the NYSE than its fellow blockchain-based exchanges. The platform uses a central order book (CLOB) to match buy and sell orders based on price and time priority.
According to co-founder Matteo Lunghi, the company’s main target is retail traders who want to trade “anything from anywhere at any time.” GTE claims its platform addresses two major issues with crypto blind trust and high-order latency that is accompanied by unfeasible transaction costs.
“We saw generally that the current architecture of these, like legacy blockchains, required users to fragment their behaviour across apps and venues,” GTE co-founder Enzo Coglitore said in a statement. “What we did is kind of like reinvent a lot of the stock from the ground up to create a really good and seamless trading experience.”
According to Coglitore, GTE has developed a central limit order book that updates at the exact same latency as Binance or Coinbase without sacrificing core properties of a decentralised exchange, including non-custodial control of assets, composability, and permissionlessness.
Paradigm’s Charlie Noyes and Caitlin Pintavorn hailed GTE’s “right mix of team and technology” as key to competing with centralised exchanges and AMMs like Uniswap and PancakeSwap.
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