NEAR Foundation is pleased to announce that it has awarded a grant to Fusotao Protocol, a verification protocol for an order book-based matching system. Using the paradigm of “execute off-chain, verify on-chain”, Fusotao aims to facilitate the creation of a new era of Web3 crypto trading.
Fusotao will use the NEAR Foundation grant to help accelerate the building out of the DAO’s functionality as well as grow its user base.
Trading and investing in crypto carries risk regardless of which type of exchange one uses. Centralised exchanges (CEX) present risks such as hacks and foregoing asset custody, while decentralised exchanges (DEX) present the challenge of high transaction fees and low efficiency. Fusotao intends to disrupt this by providing a user-friendly order-book based DEX with zero-cost gas, low latency, and high security.
As a substrate-based application chain (appchain), Fusotao is designed to hold users’ assets and verify matching transactions from off-chain exchange services. Fusotao will collaborate with Octopus Network to ensure blockchain security and enable Fusotao’s interoperability with NEAR or any IBC-enabled blockchain.
Fusotao will launch its testnet at the end of February 2022, as well as FXDX, which is the first order book-based DEX in the NEAR ecosystem. The community can earn rewards by trading on FXDX or directly share transaction fees through staking tokens on the FXDX or other DEXs backed by Fusotao Protocol.
Fusotao’s immediate goal is to support a number of upcoming DEXs that trade NEAR ecosystem’s token and promote the NEAR ecosystem. In the near future, Fusotao aspires to be a core component in driving development of DeFi using its high performance and high security features.