Orbs announced a $600,000 investment in THENA (THE) to expand its core product and increase its Total Value Locked (TVL). In addition to the funding, Orbs will provide technical solutions to the decentralized finance (DeFi) protocol.
Notably, the blockchain infrastructure company Orbs operates the Orbs Network (ORBS). The project has existed since 2017, and both the network and token since 2019. Meanwhile, THENA is a decentralized exchange (DEX) and liquidity protocol running on the BNB Chain (BNB).
As communicated to Finbold, the $600,000 investment aims to refine THENA’s user experience. Both projects also want a larger share of the Asian onchain market, which should be facilitated with the funding.
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This endeavor will focus on growth-hack strategies, user engagement, and onboarding. In particular, THENA will allocate a tranche of the investment to its treasury as a strategic reserve.
Orbs and THENA partnership
Ankit Saxena, THENA co-founder and CEO, expressed his views on this growing partnership:
“We’re excited to see our collaboration with Orbs evolve into a deeper strategic partnership. The Orbs team, builders like us, consistently demonstrates a forward-thinking approach and immense DeFi expertise. This investment is a testament to our shared vision of developing THENA into the premier DEX on BNB Chain.”— Ankit Saxena
Interestingly, THENA integrated two of the leading protocols developed by Orbs in June, dLIMIT and dTWAP. These are limit order and TWAP protocols compatible with the Ethereum Virtual Machine (EVM) and built for DEXes integrations.
Essentially, crypto traders gained access to advanced order types on THENA through Orbs technology. This included limit orders and algorithmic trading strategies using decentralized time-weighted average price (TWAP) orders.
Orbs aims to use EVM chain capabilities to help web3 and blockchain projects fulfill their true potential, as announced. Investing in the BNB Chain’s THENA sends a signal of its goals, regardless of the EVM or ecosystem they operate in.