A market maker and investment firm called DWF Labs invested in blockchain service provider Orbs Network through a token sale.
On Tuesday, DWF Labs announced that it would buy up to $10 million worth of Orbs currencies.
As part of a tiered blockchain stack, Orbs, a blockchain network created in Israel in 2017, offers a new execution layer between Layer 1/ Layer 2 solutions and the application layer, expanding the potential of smart contracts.
The platform may serve as the back-end for an entire blockchain technology stack and is designed for mass-use apps that may experience high fees and slow throughput. The mainnet and ORBS coins were made available at the start of 2019.
Using Proof-of-Stake (PoS) consensus, the open, decentralized, and public blockchain architecture known as Orbs is supported by a safe network of permissionless validators.
The network serves as a layer 3 decentralized backend, enhancing EVM and non-EVM smart contracts' functionality and providing a wealth of new opportunities for Web 3.0, DeFi, NFTs, and GameFi.
Decentralized time-weighted average pricing (dTWAP) protocol for decentralized exchanges, which is its primary layer 3 product, was just made available. Both Orbs and DWF play a vital role in the TON ecosystem that the developers of Telegram Messenger built. The managing partner of DWF Laboratories, Andrei Grachev, stated:
“Orbs is a highly promising project within the TON ecosystem, and we are pleased to invest in their vision for the future of decentralized finance. Their dTWAP protocol for decentralized exchanges and their contributions to the TON ecosystem demonstrate their commitment to advancing the potential for growth and innovation in the space.”
The TON project was first introduced by the Telegram team. It has been operating as an open-source community project since 2020.
A relationship with the TON Foundation and a $10 million contribution to the TON ecosystem have been announced by DWF Labs. In order to broaden the ecosystem, DWF also announced that it will invest in 50 seed-stage businesses over the following 12 months.