Domination Finance

Domination Finance is a decentralized, non-custodial trading platform that allows users to speculate on cryptocurrency market dominance, rather than just price. Founded in 2020 by Adrian Kolody, Michal Cymbalisty, Josh Bowden, and Jordan Mynes, the Chicago-based company aims to provide traders with direct exposure to the relative market share of cryptocurrencies like Bitcoin, Ethereum, and Tether. Kolody and Cymbalisty, who were friends before co-founding the company, identified a demand among crypto traders for a seamless, decentralized platform to trade this specific metric.

The platform operates as a decentralized exchange (DEX) built on the Universal Market Access (UMA) protocol and is deployed on networks including Base. It calculates dominance as the market capitalization of one asset divided by the total cryptocurrency market capitalization, utilizing data from oracles like CoinGecko. Users can connect a MetaMask wallet with ETH and USDC on the Base layer to begin trading. The platform supports both long and short positions, offering leverage up to 200x, which allows traders to hedge portfolios or take new speculative positions on market trends.

In September 2021, Domination Finance secured $3.2 million in a seed funding round led by ParaFi Capital. Other prominent investors included Dragonfly Capital, Shima Capital, CoinGecko, and Huobi Ventures. This capital was intended to expand the services offered on the platform. Liquidity providers can deposit assets into a single vault to earn trading fees from across the exchange, and the platform also features an incentive program using "Dom Dollaz" to reward liquidity provision and referrals.

Keywords: decentralized exchange, DEX, cryptocurrency dominance, dominance trading, perpetuals DEX, market share speculation, DeFi, UMA protocol, non-custodial trading, leverage trading, crypto derivatives, Base L2, ParaFi Capital, Dragonfly Capital, Adrian Kolody, Michal Cymbalisty