GRVT Mainnet Alpha Goes Live, First Hour Trading Volume Hits $15 Million (20 Dec)

Singapore, Singapore, December 20th, 2024, Chainwire

World’s First Regulated DEX, Backed by 55 Institutions 

In a significant development for decentralized finance (DeFi), GRVT (pronounced “gravity”), today announced the official launch of its Mainnet Alpha. GRVT is the world’s first regulated decentralized exchange (DEX) that also operates as a self-custodial centralized exchange (CEX), merging the best of both worlds for a secure, compliant, and user-driven trading experience.

In the first hour of the Alpha phase, GRVT hit a record-breaking trading volume of over $15 million, with over $8.7 million in BTC trades and $6.4 million in ETH trades. A broader range of trading pairs, product features, and rewards will be introduced in the coming weeks. For additional information and updates, visit this page.

The inaugural batch of institutions trading on GRVT includes: QCP, Galaxy Trading Asia Limited., Ampersan, Arbelos, Amber Group, IMC, Flow Traders, Pulsar, Selini, and more. 

To date, nearly 30,000 KYC-verified users are already registered on GRVT, signaling a strong initial user base poised for substantial trading activity—a figure notably higher than that of other industry players at their initial launch.

Users can also start seamlessly transferring assets between GRVT and CEX accounts or crypto wallets through Proxy Bridge now, an innovative solution designed to make cross-chain transfer effortlessly by XY Finance, a leading cross-chain DEX and bridge aggregator. 

GRVT has coined many industry firsts, challenging conventional TradFi and DeFi structures and reshaping expectations of what’s possible in the blockchain space for finance. 

Key highlights include obtaining the Class M Digital Asset Business License from the Bermuda Monetary Authority (BMA), securing contractual commitment of a monthly trading volume of $4.2 billion from 55 institutional clients and 17 market makers, and being the first to introduce gas-free cross-chain transactions from a CEX to a DEX. 

Hong Yea, Co-founder and CEO of GRVT, said. “Today marks a historic day for GRVT. We’ve built the world’s first compliant, licensed blockchain-settled exchange, and are pioneering the building of the CeDeFi world. Our vision has always been to redesign and rebuild the global financial system on blockchain, though it’s been a challenging journey. This milestone wouldn’t have been possible without the unwavering support and dedication of our team, our trusted partners, and the retail users who have put their faith in what we’re building.” 

GRVT is built as a validium ZK Chain and is part of the Elastic Network powered by ZKsync. The validium ZK Chain is an L2 blockchain solution designed to scale Ethereum while maintaining data privacy, enabling GRVT to effectively scale the network while also enhancing interoperability capabilities. ZKsync’s technology gives customizability and provides an avenue for innovative financial products while ensuring regulatory compliance, privacy, and security. Furthermore, ZKsync acting as the underlying infrastructure for GRVT is demonstrative of the fact that ZKsync is the premier blockchain for institutional-grade, on-chain finance. 

Alex Gluchowski, Co-Inventor of ZKsync, said “It is great to see innovative and regulated DEXs like GRVT successfully launch utilizing ZKsync’s technology and joining the Elastic Network. GRVT’s innovative approach to on-chain finance and status as the world’s first regulated DEX exemplifies the ability of ZKsync’s scalable and compliant infrastructure to empower evolving financial applications within the Ethereum ecosystem. ZKsync is building Web3 without compromise.” 

“This is just the very beginning of our envisioned future, and we look forward to bringing even more exciting developments in the journey ahead,” Hong added.

For more information and to join the GRVT community, visit grvt.io.

Disclaimer: Cryptocurrencies carry high risks. This content is not a distribution of, or an offer or solicitation to provide, financial services or products, nor a representation as to their suitability or legality for you. GRVT is not a regulated entity and your funds are not subject to regulatory protection. Before making any decision based on this content, please seek financial and legal advice, and carefully review our [Risk Disclosure and Disclaimer] in full.

Singapore users: GRVT is not licensed, approved, authorised, designated, recognised, registered or otherwise regulated under any legislation administered by the Monetary Authority of Singapore ("MAS"). As such, users will not have the benefit of any regulatory safeguards imposed by the MAS.

GRVT International Limited (“GIL”), is an exempted company limited by shares incorporated in Bermuda and holds a class M digital asset business licence issued by the Bermuda Monetary Authority under the Digital Asset Business Act 2018 (as amended), has not yet commenced operation. GIL will formally launch once it has satisfied all pre-operational conditions required by the Bermuda Monetary Authority.

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About GRVT

GRVT (pronounced “gravity”) is the world’s first regulated DEX. Founded in 2022, it operates as a hybrid derivatives platform, offering off-chain order matching and on-chain settlements at an impressive 600,000 TPS. GRVT’s vision is to redesign the global financial system from its core by leveraging blockchain technology, giving more people the power to generate and fully own their wealth without barriers. With the ambition to build the “Goldman Sachs on blockchain”, GRVT brings institutional expertise to decentralized finance. Our goal is to build an open, scalable financial marketplace, where individuals can easily access financial products.

GRVT official website: https://grvt.io/ 

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