After a year of development, the next-generation decentralized finance (DeFi) protocol Ammalgam has officially launched on mainnet. Its decentralized lending exchange (DLEX) integrates lending and market-making functionalities, aimed at enhancing liquidity and capital efficiency. The protocol raised $2.5 million in a 2024 seed round led by Lightspeed Faction and Framework Ventures. Ammalgam's unique advantage lies in eliminating the need for external price oracles, instead directly leveraging on-chain executable liquidity to make pricing and risk decisions, thereby reducing risk exposure. Concurrent with the mainnet launch, Ammalgam also introduced a custodial on-chain vault built on Lagoon Finance infrastructure, providing users with opportunities to passively invest in advanced DeFi strategies.