Volmex Finance is a protocol for volatility indices and non-custodial trading. As of today, they have just announced the close of their first round of financing. Well-known DeFi funds like Three Arrows Capital, Alameda Research, Robot Ventures, and CMS Holdings participated in the raise, along with angel investors like Jiho Zirlin, Tyler Scott Ward, Christian Kaczmarczyk, Shiliang Tang, Suji Yan, and Avi Felman.

The Volmex team launched their first product, the ETHV Index V1 in December 2020, the index serves to measure the 30-day implied volatility of Ether (ETH). This is just the first of many products the team plans to launch as their ultimate goal is to bring volatility hedging to Ethereum. While Volmex is dedicated to building on Ethereum, the team acknowledges that recent gas fees would make any trading platform difficult for users to adopt, and thus the team has decided to leverage Optimism Layer 2 scaling technology to make index querying and future trading on Volmex possible.

Developments on a volmex.finance Optimism testnet is has been underway since January and there are plans to continue working on mainnet implementations with the help of the Optimism team pending the pre-requisite OVM deployments. Volmex on Optimism will be able to achieve better UX than centralized exchanges today with unparalleled speed, transparency, and mathematical certainty.

Keep up with Volmex by following them on Twitter.