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SecondSwap has successfully secured $1.2 million in a seed funding round in an effort to revolutionize token trading.
With participation from industry leaders including GSR and Animoca Ventures, along with other venture capitalists and angel investors, the funding will be primarily used to expand SecondSwap’s marketplace features and to support growth efforts ahead of its upcoming mainnet launch.
Its marketplace aims to help token-issuing companies diversify their base of token holders, with the reassurance that these new token holders are less likely to sell off tokens, given that they hold a higher conviction than the sellers. It also allows potential sellers to manage risk and liquidity, should they choose to do so.
SecondSwap's mainnnet launch, scheduled for January 2025, will create opportunities for token buyers, investors, and projects. The platform, powered by SecondSwap's native smart contracts, offers secure and automated transactions, including the physical delivery as tokens unlock, seamlessly adhering to vesting schedules.
Over $5.7 billion worth of tokens are set to unlock in January 2025, according to Tokenomist, which could lead to shifts in liquidity and increased price volatility.
SecondSwap offers a solution to manage this market shift. Buyers will benefit from access to locked tokens at competitive prices with transparent terms, while investors gain tools to mitigate risks, secure liquidity, and free up capital for new opportunities. Token issuers can also manage supply effectively, attract long-term holders, and reduce sell pressure.
“Our vision is to align and automate the secondary token market by replacing fragmented, manual OTC SAFT trading with a secure, efficient system that ensures physical token delivery. SecondSwap is unlocking liquidity while creating a thriving ecosystem for the next wave of blockchain innovation,” said Kanny Lee, Co-Founder.
SecondSwap's testnet is currently live on Ethereum. Its V2 upgrade offers advanced trading tools, multi-chain support, and a liquidity hub. Initially, the platform will support Ethereum and other EVM-compatible chains, but plans are already in place to expand to ecosystems such as Solana, Scroll, and Berachain.
”The era of secondary market trading of locked tokens has arrived. SecondSwap is leading the charge by turning challenges into opportunities, transforming how token markets operate. Weʼre not just building a DEX; weʼre creating a decentralized marketplace where token markets thrive sustainably, “ added Lee.
