The Syndicate Creates One of the Largest High-Level Teams Currently Working in DeFi; combined entity now known as Vortex
New York, NY, August 15, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — Retrograde and Vortex Protocol, two well-known decentralized finance projects, have signed a first-of-its-kind definitive merger agreement. The resulting union of two world-class DeFi entities operating at this level is unprecedented and has spawned one of the largest high-level DeFi teams ever seen within the Cosmos ecosystem. This unprecedented new group of builders who understand bringing to market and scaling DeFi will be known simply as “Vortex” and will be able to attract users from the Retrograde and Vortex communities, uniting the capital and creating a larger and more efficient overall system. .
Grover, Head of Growth at Retrograde, said, “By bringing these two leading protocols together through this merger, we are creating an incredibly strong platform for retail and institutional adoption. We have married the strengths of institutional capital with retail adoption. Our team has the utmost respect for Vortex and the derivative risk management engine they have built and looks forward to working together to integrate the two teams.
This news sets a new precedent in DeFi – a space where mergers have been mostly historically absent until now. Overall, very few consolidation deals have been made in the cryptocurrency industry, especially compared to traditional markets. As of June 22, 2022, there have already been over 14,500 mergers this year totaling $2.2 trillion, but hardly any such activity has been seen in DeFi. The unique Retrograde-Vortex merger is likely a harbinger of several protocols to follow in various types of consolidation moves.
As the DeFi space continues to expand and mature, mergers will allow teams to become more efficient and competitive. Given the highly fragmented nature of the ecosystem, consolidation will be largely beneficial to all parties involved.
Retrograde, formerly deployed on Terra, is a yield optimization and governance platform that allowed users to receive liquid forms of locked tokens. Retrograde had nearly $50 million in TVL at its peak. Although the project was unable to fully launch due to Terra’s collapse, it maintained its following during Terra’s transition.
Vortex is Cosmos’ first perpetual derivatives platform, starting on Sei Network with plans to go multi-channel. Using an order book, Vortex offers markets for perpetual futures, one of the few products in DeFi that truly matches the commodity market. The Vortex team is made up of former Meta engineers alongside former market makers. The app will first launch with the desktop which is currently live on Sei testnet. Vortex brings expert technical knowledge to this offering and serves to attract both beginners and advanced users.