- Solana Finance and Civic Technologies launched Solana DEX Pro.
- The new DEX is the first permissioned decentralized exchange (DEX) on Solana.
Solana -based decentralized fund management and investment protocol Solrise Finance has partnered with Civic Technologies to launch Solana DEX Pro, a permissioned decentralized exchange (DEX) on Solana. Solana DEX Pro is already available to investors. US residents users from other sanctioned countries are not qualified to use the DEX. The launch will mark the first on-chain DEX on Solana, and it will have permission access based on digital identity.
Solana DEX Pro
The new DEX was launched today, 23rd September, and it is built on Project Serum. Project Serum is an on-chain DEX that relies on Solana’s throughput to offer a traditional order book experience. Dubbed DEX Pro, the new project will have the support of one of the notable investors in the Solana ecosystem, Alameda Research. Alameda Research will offer ongoing support to Solrise DEX Pro and also provide initial liquidity.
Solrise Finance co-founder Filip Dragoslavic commented:
This is our way of bridging the world of institutions to DeFi without resorting to centralization, thanks to Civic. With Solana already being the most familiar DeFi ecosystem for traditional finance, we expect to become one of the primary hubs for institutions that wish to jump into the ecosystem.
Along with Civic’s identity verification for DeFi or any dApp and Civic Pass, Solrise DEX Pro provides institutional players with a permissioned environment. Although permissionless access is one of the core principles of DeFi, investors often see this as a challenge. With the launch of Solrise DEX Pro, both Civic Technologies and Solrise Finance developers will create a permissioned environment for institutional investors. The team will develop an ecosystem that allows investors to access the larger ecosystem of Solana on-chain liquidity in a permissioned environment.
Speaking more on the permissioned DEX, Civic Technologies CEO Chris Hart explained:
A permissioned DEX paves the way for more participants in the DeFi ecosystem, including institutional investment. We’re building technology that thoughtfully protects individuals, their digital identities and our new financial systems. In Solrise, we’ve found a partner that shares our values and is working with us to set a higher standard that will ultimately benefit the broader industry.
Permissioned DeFi to complement permissionless ones
The permissioned platform is not designed to replace existing permissionless DeFi. Rather, the new DEX will complement the existing one.
Solrise Finance commits to moving the DeFi space to a new level against the high transaction fees from centralized platforms. Solrise will leverage Solona’s low-cost, fast, and low friction technology to offer users transparency, speed, and security.
Serial entrepreneurs, Jonathan Smith and Vinny Lingham, founded Civic Technologies in 2015. The company has grown to be a giant in the space of decentralized identity. The technology company focuses on real-world applications of its technology. Also, Civic uses idetity.com to for its verification process.
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