Filament, Sei Network’s Native Derivatives DEX, Secures $1.1 Million in Seed Funding
September 17, 2024 – Filament, a hybrid decentralized exchange (DEX) for derivatives on the Sei Network that is optimized for speed and trade efficiency in low-liquidity environments, today announced that it has successfully raised $1.1 million in a seed funding round.
The round was led by Lingfeng Innovation Fund, with participation from Halo Capital and Spyre Group. Other key participants included angel investors from prominent Web3 projects including Polygon, Router Protocol, Stakecito, Chorus One, Archerman Capital, and CoinBureau, along with former core contributors to Binance, Sei, and Tendermint.
“Filament stands out among the countless Perp DEX projects we saw, with the most innovative unified liquidity pool and product development from a user-first perspective. The founding team has a deep understanding of DeFi and is very capable of offering unique onchain derivative products,” said Nicole Zhang, Managing Partner at Lingfeng Innovation Fund.
“We are thrilled to have the support of such an experienced group of investors who share our vision for the future of on-chain trading,” said Abhitej Singh, Co-Founder of Filament. “This funding will accelerate our product development, expanding team and strategic partnerships, positioning Filament as a leading competitor in the derivatives trading vertical.”
“Filament is building an innovative derivatives exchange that is optimized for low liquidity environments, allowing for a wider range of markets to be traded while still maintaining capital efficiency,” added Justin Barlow, Head of Business Development and Investments at the Sei Foundation. “Filament’s matching engine leverages Sei’s industry leading time to finality to deliver a unique trading experience that feels closer to that of a centralized exchange than what we see in the decentralized landscape today. We look forward to continuing to work with Filament as they build towards their vision of CEX level performance, fully on-chain.”
What is Filament?
Filament is a hybrid perpetuals DEX specifically optimized for emerging DeFi ecosystems, tackling the critical challenge of liquidity. The platform was developed by a team with deep experience at Goldman Sachs, BlackRock, Persistence, Nethermind, and Open Status.
Built on the Sei Network, the first parallelized Ethereum Virtual Machine (EVM), Filament leverages Sei’s speed and sub-0.5-second finality for rapid order execution. With Sei’s version #2 launch, the network has witnessed a surge in new DeFi applications and growing total value locked.
Filament introduces a novel hybrid model that integrates a compartment-based liquidity pool (an advancement on the isolated markets design) with an order book. This innovative approach enables Filament to operate efficiently even in low-liquidity conditions, with the COMB Pool and order book complementing each other as liquidity fluctuates. The order book can process over 40 orders per second per asset, providing users with a centralized exchange (CEX)-like experience.
“Filament’s hybrid model seamlessly blends liquidity pools with an order book, creating a platform that adapts to any market condition. But we’re not stopping at on-chain perpetuals trading—our focus is on expanding into a full spectrum of derivatives markets,” said Pratyaksh Inani, Co-Founder of Filament.
Filament’s vision is to be a super app for onchain derivatives including but not limited to perpetual futures, flash binary options, synthetic stocks. In order to build derivatives trading experiences that are palatable for the end user, Filament adopts a unified liquidity orderbook)and custom client for a specific derivatives market. The first client developed by the team is MemeX, focused on leverage trading on memecoins with a user flow that appeals to broader memecoins traders rather than few professional traders.
Looking Ahead
Filament is currently live with beta and plans uncapped launch mid-October. At launch, Filament will offer major perpetual futures markets and plans to expand into memecoins and exotic markets, solidifying its position as a versatile platform within the DeFi ecosystem.
About Sei Network
Sei Network is a high-performance, low-fee, delegated proof-of-stake blockchain designed for developers and digital asset traders. The first Layer-1 blockchain optimized for digital asset trading as well as the first parallelized Ethereum Virtual Machine (EVM), Sei is revolutionizing the development, implementation and usage of DeFi and other digital asset trading infrastructure for financial institutions of all sizes.
Built with the goal of pushing the boundaries of blockchain technology through open source development, Sei stands to unlock a brand new design space for consumer-facing applications. Supported by elite global institutions, Sei offers an industry-leading 380 milliseconds in transaction finality, 12,500 transactions per second. Through the Sei EVM, traders can process multiple independent transactions at the same time, developers can more easily build trading applications, and everyday users can more easily unlock the benefits of blockchain technology.
About the Sei Foundation
The Sei Foundation is dedicated to the growth and adoption of the Sei Network, a high-performance, low-fee, delegated proof-of-stake blockchain designed for developers and digital asset traders. The Sei Foundation works with the broader Sei ecosystem, as well as potential users, to educate and expand the benefits of the first Layer-1 blockchain optimized for digital asset trading as well as the first parallelized Ethereum Virtual Machine (EVM).
The Sei Foundation is an independent organization that is solely dedicated to the advancement and adoption of Sei through education, funding, and promoting builders within the Sei ecosystem.
To learn more about Sei, please visit
Github: https://github.com/sei-protocol
Discord: https://discord.com/invite/sei
Telegram: https://t.me/seinetwork?ref=sei.io
For Filament:
Abhitej SinghCo-founder, Filamentabhitej@filament.financeTG: t.me/abhitejsingh
For Sei Network:
Ryan Dicovitsky/Frank Taylor
Dukas Linden Public Relations
Email: SeiNetwork@DLPR.com