GRVT is a decentralized perpetual exchange (DEX) built on the ZK Stack SDK, a powerful toolkit provided by ZKsync. Leveraging this technology, GRVT operates as a Layer 2 Hyperchain, ensuring high compatibility with the Ethereum Virtual Machine (EVM) and storing data off-chain on the ZKPorter sidechain. This architecture allows for optimized transaction speeds and minimized gas fees, enhancing the overall user experience.
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Furthermore, GRVT employs a hybrid model, combining off-chain data storage with on-chain transaction processing. This innovative approach facilitates rapid and efficient trade execution while simultaneously improving network performance. Currently, GRVT has only disclosed its token ticker as GVT. Further details regarding tokenomics remain undisclosed, but this article will be updated as soon as information becomes available.
Note: Hyperchain is a collective term for ZKEVM Layer 2 or Layer 3 networks within the ZKsync ecosystem.
GRVT Architecture: A Hybrid Approach
GRVT’s hybrid architecture seamlessly blends off-chain and on-chain processing to optimize the trading experience.
- Off-Chain: Complex calculations and temporary data storage are handled off-chain, reducing the burden on the network and accelerating transaction speeds. Zero-Knowledge Proof (ZKP) technology is employed to verify data before it’s submitted on-chain.
- On-Chain: Critical transactions are processed and recorded on the blockchain, ensuring transparency and immutability.
The architecture also incorporates essential components like a matching engine and a risk engine, working in concert to ensure smooth and efficient trading operations.
Key Advantages of GRVT
As one of the first exchanges operating as a Hyperchain, GRVT addresses the growing demand for high throughput, low latency, and a user experience comparable to centralized exchanges (CEXs). The ZK Stack SDK empowers GRVT with several notable advantages:
- Enhanced Transaction Speed: GRVT boasts the capability to process over 600,000 transactions per second with latency below 2 milliseconds, thanks to its hybrid off-chain and on-chain model.
- Scalability: Seamless interaction with dApps within the ZKsync ecosystem, including Hyperchains and Hyperbridges like Sophon and ZKCandy, ensures scalability.
- Broad Compatibility: GRVT supports a wide range of cryptocurrency wallets and provides an EVM-compatible execution environment, enhancing user convenience.
Unlike many other DEXs, GRVT requires users to complete Know Your Customer (KYC) procedures before trading. This measure mitigates Anti-Money Laundering (AML) risks and enhances security for all users.
Product Offerings: Perpetuals and Beyond
GRVT’s primary offering is perpetual futures trading, enabling users to long or short cryptocurrencies with leverage up to 100x. Currently, BTC and ETH are the only supported assets.
While options trading is also in development to diversify the user experience, it has not yet been launched. Currently in its testnet phase, GRVT offers a reward program to incentivize user participation and gather feedback. Activities eligible for rewards include trading, inviting friends, and registering an account.
Roadmap and Future Development
Following the launch of its testnet in early 2024, GRVT has focused on product refinement and community engagement through its reward program. The mainnet launch and the Token Generation Event (TGE) for the GVT token are anticipated by the end of 2024.
Team, Investors, and Partners
The Team Behind GRVT
GRVT is spearheaded by a team with extensive experience in the financial sector. Key members include:
- HongYea: Co-Founder and CEO, formerly an Executive Director at Goldman Sachs in Hong Kong.
- Aaron: Co-Founder and CTO, previously a Team Lead for Data Processing and Privacy at Meta.
- Matthew: Co-Founder and COO, formerly Head of Blockchain & Payment at DBS in Singapore.
Funding and Partnerships
GRVT has successfully raised $9.3 million across three funding rounds:
- Strategic Round (March 19, 2024): $2.2 million from QCP Capital, Selini Capital, Pulsar Trading, and others.
- Seed Round (September 19, 2023): $5 million from Delphi Ventures, Magic Partners, CMS Holdings, and others.
- Pre-Seed Round (October 1, 2022): $2.1 million from Folius Ventures and 500 Global.
The project has also established partnerships with 16 market makers, including Galaxy Trading Asia Limited, Ampersan, Amber Group, IMC, Flow Traders, Pulsar, QCP, and Selini.
Similar Projects
- HyperLiquid: A Perp DEX operating on its own blockchain, combining a DEX and Layer 1 for a user-friendly experience.
- Vessel Finance: A DEX built on the Vessel Layer 3 network, utilizing Zk Rollup technology for optimal trading.
