ClearDAO, a project supporting the development of decentralized and customizable crypto derivatives, has raised $3 million in seed and private sales. Among its strategic investors were Huobi Ventures, LD Capital, KuCoin Labs, and WOO Ventures. Others were Gate.io, Redline DAO, VRM, StillWater Research, and many others.
Additionally, ClearDAO became the first project to list its native token $CLH on the KuCoin exchange this year. The token was listed on Jan. 7, 2022, at 13:00 UTC. The CLH/USDT pair is now available for trading on KuCoin and Gate.io.
To achieve its mission, ClearDAO provides developers with SDK (software development kit) and tools to accelerate infrastructure growth for crypto derivatives and their marketplaces. So far, the project has managed to finalize template development for notes, options, perpetual futures, and CDS (credit default swap). ClearDAO’s multi-blockchain strategy allows it to support Ethereum, Binance Smart Chain (BSC), Solana, and Arbitrum.
The derivatives sector is still in its embryonic stage, compared to the traditional finance industry. For this reason, derivatives have yet to overcome certain challenges as they struggle to meet adoption. The three major obstacles have been a few derivative alternatives, the lack of risk management, and the absence of derivatives for new asset classes such as NFTs.
Nonetheless, CleaDAO is confident in the future growth of the derivatives market with the increased uptake of crypto by institutions and the maturation of DeFi. For this reason, the project is keen on enabling developers to create unique derivatives, in addition to lowering the barriers to entry to the market.
A simple and seamless user experience is at the core of ClearDAO’s ethos. To guarantee top user experience, the project launched its proof-of-concept barrier trading marketplace on several testnets a month ago. Since then, over 3,000 persons have put the marketplace to test. Their feedback will be useful in the development of a user interface that lets users trade intuitively.
Per the ClearDAO roadmap, the Clear SDK version 1.0 debut is expected this Q1. Over the same period, the project will commence its developer program. The initiative will provide technical support, funding, and marketing resources to promising developer teams. Eventually, ClearDAO plans for its ecosystem to support multiple derivative exchanges, with multiple derivative products and from multiple developer teams.