Crypto startup Econia Labs has rolled out its on-chain order book Aptus APT + mainnet, the company said in a statement.
Econia Labs, which raised $6.5 million in a seed round led by crypto venture fund Dragonfly earlier this year, launched on the mainnet after an initial testnet competition. During the testnet phase, more than 1,000 merchants from 68 countries participated, according to the company’s website.
Econia implements an atomic matching engine that leverages Aptos’ sub-second finality, settling transactions as they are made, the company said.
The team said its goal is to cater to traders who would like to avoid centralized exchanges like Binance and Coinbase by offering a similar experience in a non-custodial manner using the blockchain.
“Leveraging Aptos’ optimistic concurrency model, Econia is built to process transactions across multiple markets in parallel with sub-second finality,” the company said in a blog post.
Aptos is a Layer 1 blockchain created by former Meta employees. Aptos Labs, the main developer of the blockchain, also invested in Econia Labs’ seed round. Other backers of Econia Labs include Wintermute and Lightspeed.