Grvt Raises $19M to Boost On-Chain Privacy for DeFi
Grvt Secures $19M to Advance Privacy in DeFi
Grvt, a decentralized exchange prioritizing user privacy, has announced a $19 million Series A funding round. The investment, co-led by ZKsync, Further Ventures, EigenCloud, and 500 Global, will fuel the development of a more private and secure on-chain finance ecosystem.
The increasing movement of assets onto blockchains has brought privacy concerns to the forefront. Public chains, by design, expose trading activity, balances, and order history, potentially leading to front-running, manipulation, and theft. Grvt aims to address these vulnerabilities using zero-knowledge (ZK) technology to conceal sensitive data while ensuring transaction validity.
Key Objectives for the Funding:
- Privacy-First Infrastructure: Building a secure trading and settlement environment.
- Fixed Yield Product: Enabling users to earn consistent returns.
- Stablecoin and RWA Integration: Supporting vaults and cross-exchange activities.
- Global Expansion: Growing the team and community.
Technology Behind Grvt
Grvt leverages the ZKsync Stack and a Validium L2 model, validating transactions without revealing private data on-chain. This approach allows for hidden trade details while using mathematical proofs posted to Ethereum to ensure security. Grvt also utilizes EigenDA (EigenCloud’s data availability system) to balance data availability with privacy—a significant challenge for many privacy-focused projects.
Product Highlights
The platform is developing a fixed-yield product with a target of 10% interest and a market-making strategy known as Grvt Liquidity Provider (GLP) that offers potentially higher APRs. They also plan to implement a maker fee model that incentivizes liquidity providers.
According to Grvt co-founder and CEO Hong Yea, the platform's mission is to make on-chain finance private, fast, and accessible in response to existing privacy gaps.
Looking Ahead
With the new funding, Grvt is focused on launching its fixed-yield product, GLP, and integrating stablecoins and real-world assets. Successful execution could position Grvt as a preferred platform for users seeking both the benefits of on-chain finance and strong privacy protections.