Impossible Finance, a DeFi protocol built on the Binance smart chain, has completed a $7 million seed funding round backed by more than 125 institutional and angel investors — with the fund going toward the development of a multi-chain DeFi incubator.
The seed round was led by venture capital firm True Ventures, and Quantitative Investment Firm Alameda Research, blockchain development firm Hashed and investment firm CMS Holdings.
Impossible Finance launched on April 9 on BSC, and the protocol currently offers token swaps, liquidity pools and staking rewards to DeFi investors via the Impossible Finance (IF) token.
The new funding will go towards the development of a multi-chain ecosystem for the project. plans Expanding to support Ethereum and Polygon, along with deployment to Layer-Two (L2) solutions and other platforms in the future.
As part of the multi-chain ecosystem, Impossible is also developing an Automated Market Maker (AMM) liquidity protocol, which will serve as the backbone for a decentralized incubator and launch pad for new DeFi projects. And of course, it will launch the related Impossible Decentralized Incubator Access (IDIA) token.
plans to extend support to Ethereum and polygon are timely in light of the recent wave Exploitation on BSc, including a growing list of rug pullers and hacks. This raises the question whether hacks and exploits are somehow endemic to how the platform operates, or just part of its growing pains?
In recent weeks, DeFi protocol BurgerSwap lost $7.2 million in a flash loan attack with Yield Protocol Belt Finance, in which $6.3 million was lost after hackers exploited a flaw in the protocol’s vault.
PancakeBunny Suffers $200 Million Flash Loan Attack From a hacker who borrowed a “large amount” of Binance Coin (BNB), and then proceeded to manipulate the price of Bunny, dumping it completely tanking the asset’s price. The Spartan Protocol was also scrapped by $30 million. In a coordinated attack on its liquidity pool.
Earlier this year, users of the Yield Vault project Meerkat Finance lost $31 million On stage because of the alleged Rag bridge by the developers. Uranium Finance is built on the AMM platform BSc was subject to a hack The hacker is reportedly swooning in to exploit a bug in uranium’s balance modifier logic and steal $50 million in the process.