Kuru Labs Raises $2 Million Seed Round Led by Electric Capital
The first fully on-chain CLOB on Monad
Today, Kuru is announcing our $2 million seed round, led by Electric Capital with participation from Brevan Howard Digital, CMS Holdings, Pivot Global, Breed, Velocity Capital, Purple and notable angel investors including Keone Hon, Jarry Xiao, and Eugene Chen.
This round of funding reflects our backers’ strong conviction in our team, our technology, and our mission of building the future of finance on-chain.
Why orderbooks?
Today, Automated Market Makers (AMMs) facilitate between $4 billion and $9 billion in daily trading volume. They have been pivotal to the growth of DeFi, but despite their popularity and dominance, they come with limitations like underutilized liquidity and high slippage.
These protocols now allow users to concentrate liquidity, leading to much higher capital efficiency. Newer versions are slowly converging towards something that behaves more like a Central Limit Order Book (CLOB).
CLOBs advance beyond AMMs by enabling market makers to actively quote liquidity, offering users better prices and lower slippage.
If CLOBs are so great, why don’t we have CLOB DEXs yet?
For an orderbook to function effectively, the underlying blockchain must offer quick block times and affordable gas fees. Today's EVM chains are generally either too slow, too expensive, or both.
Enter Monad
Monad plans to have a TPS of ~10,000 and a 1 second block finality. This will result in significantly lower transaction costs and faster block times compared to current EVM chains.
For the first time, this makes a fully functional CLOB on the EVM feasible, allowing market makers to frequently update their quotes without having to worry about transaction costs (gas fees) and slow block times.
Kuru, the first fully on-chain CLOB
Kuru is trying to close the gap between decentralized and centralized exchanges with a completely on-chain orderbook. Users will get the best of both worlds with slippage, self-custody and composability.
Kuru’s contracts have been optimized for the EVM and designed for market makers allowing them to place/cancel limit orders at a low, constant gas cost. This leads to tighter spreads and more liquidity on our books.
The aim is to completely replace the need for AMMs. Kuru will support both liquid and long-tail assets on the exchange, while keeping the process of providing liquidity simple. Active liquidity is vital for the orderbook. But expecting market makers to handle the flood of new coins every day isn't realistic. We are working on solutions to allow users to passively provide liquidity onto the orderbooks.
We want to redefine the on-chain trading experience, not just build another DEX. Today, a trader must navigate multiple platforms to discover, research, and trade coins. Kuru simplifies this by consolidating these actions in a single interface. Traditionally, DEXs (ex: Raydium and Uniswap) have been disconnected from trading interfaces (ex: telegram bots, Photon, Bullx etc.). We are bridging this gap, making it easier for everyone to discover and trade their favourite assets.
Join our community
Over the next few months, as we gear up for the launch of Monad’s testnet and mainnet, we'll be sharing more about how Kuru works under the hood.
Join us on our journey and help us build Kuru:
We’re hiring
Join us and work on extremely challenging problems with a small, exceptional team that wants to make a dent in the universe!