Aptos DEX Aggregation Gets a Boost—Can Panora Deliver on Market Efficiency?

Panora, a decentralized exchange (DEX) aggregator operating on the Aptos blockchain, has announced the completion of a new funding round led by Frictionless Capital. Notable figures from Aptos Labs, including Avery Ching and Greg Nazario, also participated in the round. The funds will be allocated to enhance order routing, market depth, and infrastructure reliability, with a focus on improving execution quality within the Aptos ecosystem [1].

According to data from DeFiLlama, the Total Value Locked (TVL) on the Aptos chain reached approximately $1.1 billion as of August 26, 2025 [1]. Analysts suggest that this level of TVL supports the efficiency of DEX aggregation, with room for further improvements in liquidity concentration and routing. The primary goals of the funding include scaling product development, improving infrastructure, and accelerating the platform’s roadmap to establish Panora as a key player in DEX aggregation on Aptos [1].

Frictionless Capital is not only providing financial support but also acting as an operational partner. The firm aims to help Panora achieve more competitive spreads, reduced latency, and greater scalability. Meanwhile, Aptos Labs is contributing significant technical expertise, with joint efforts focusing on aligning the product roadmap, strengthening integrations with the network’s standards, and enhancing compatibility with major DEXs and bridges [1].

Panora’s product suite includes a routing engine for best execution, a cross-chain onboarding interface, limit orders and DCA tools, a terminal for advanced traders, and APIs and SDKs for developers. These tools are designed to reduce slippage, improve user experience, and facilitate rapid integration with third-party services. The platform emphasizes transparency, execution speed, and developer accessibility to foster broader adoption [1].

Following the funding, the company has outlined a roadmap that includes performance improvements, product expansion, and growth initiatives. These include refining the terminal, launching new APIs, and introducing community-driven programs to encourage participation and measure impact. Similar strategies have been observed in other marketplaces, such as those analyzed by Binance Research [1].

The platform faces several challenges, including the need to aggregate sufficient liquidity from pools and partners to handle high-volume transactions. Reliability is another concern, as the system relies on third-party bridges and DEXs, necessitating continuous audits and risk management. Latency and routing efficiency remain critical factors affecting execution quality and user trust. Publicly available metrics, such as volumes and average savings, will play a key role in building credibility [1].

Despite these challenges, Panora has the potential to drive significant improvements in market efficiency on Aptos. If the roadmap is successfully executed, users may benefit from lower execution costs and streamlined onboarding, while developers gain access to tools that can accelerate dApp development and enhance DeFi composability. The test for Panora will ultimately rest on its ability to deliver consistent performance, transparency, and deep integrations with core Aptos protocols [1].

Source: [1] Panora, the DEX aggregator of Aptos, closes a round with Frictionless Capital (https://en.cryptonomist.ch/2025/08/26/panora-the-dex-aggregator-of-aptos-closes-a-round-with-frictionless-capital/) [2] Aptos ecosystem super application and execution layer (https://www.chaincatcher.com/en/article/2200879)