Decentralized exchange Grvt has successfully closed a $19 million Series A funding round to pioneer privacy-focused onchain finance solutions. The round was co-led by ZKsync (Grvt's foundational technology partner), Further Ventures, EigenCloud (formerly EigenLayer), and 500 Global.
Grvt, built on ZKsync's Validium L2, utilizes zero-knowledge (ZK) proofs to ensure Ethereum-level security while maintaining transaction privacy and low settlement costs. The platform addresses critical industry challenges including privacy vulnerabilities, scalability issues, and MEV attacks that cause billions in annual losses.
The funding will accelerate Grvt's multi-pronged product strategy, including developing a fixed yield generation flywheel, strengthening privacy-by-default infrastructure, and building a stablecoin-enabled system with cross-exchange vaults and RWA integrations. The company also plans to launch a fixed-yield product offering 10% interest rates and a market-making strategy (GLP) providing high double-digit APRs previously inaccessible to retail traders.
Hong Yea, Grvt's co-founder and CEO, stated: "Onchain finance has been held back by privacy gaps that expose users to exploitation. Grvt exemplifies how ZK-powered solutions will become the new normal for everyone." The funding comes amid renewed Ethereum activity, with August's onchain volume reaching over $320 billion - the highest since mid-2021.
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