TechFlow, July 14 — Contango, a term futures protocol, announced the completion of a $4 million funding round led by ParaFi. The round included participation from incubators dlab and Advanced Blockchain AG, as well as Coinbase Ventures, Spartan Group, AngelDAO, Cumberland, GSR Markets, Amber Group, CMS Holdings, and angel investors Juan and Andrew (MakerDAO), Michael (Fantom Foundation), among others. Contango is building an open-source DEX for term futures without order books or liquidity pools. When traders open positions on Contango, the protocol borrows on fixed-rate markets, exchanges on spot markets, then lends back on fixed-rate markets, providing physical settlement at maturity.
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