The team of developers of the decentralized exchange aggregator Flood has successfully secured funding of $5.2 million in a seed investment round led by Bain Capital Crypto and Archetype, with participation from Robot Ventures. Interestingly, the financial round was completed as early as the summer of 2023.
Flood's co-founder, Francesco, who previously worked as a software engineer at UMA Protocol, shared that the investments were organized through equity capital with the addition of token warrants, while refraining from disclosing the startup's valuation and details about the other co-founder, Yane, known in the crypto community.
Operating on the Arbitrum One platform, Flood plans to expand to Ethereum, Base, and Optimism in the near future. A distinguishing feature of the aggregator is its use of optimal routing to ensure the best trade prices, unlike traditional RFQ models, which, according to Francesco, can be susceptible to collusion.
In addition to the decentralized aggregator, the Flood team also manages the centralized exchange FloodSwap, launched in November 2023, with a total trading volume of less than $1.3 million. Francesco expressed confidence that Flood users will be able to independently verify the receipt of the best price through a system similar to ZK zero-knowledge proof technology, which is a challenging development task but simple to verify. This underscores the team's commitment to innovation and creating unique computational solutions in the cryptocurrency sphere.
