The capital raising was led by the founders of Blockchain Capital, Fintech Collective, Longhash Ventures, Fenbushi Capital, Continue Capital and Ken Warwick. Defy protocol synthetics. The funds will be used to strengthen the balancer’s role as the main infrastructure provider for the Defy market.
Alex Larsen, an investor in Blockchain Capital, said, “By allowing the most flexible and composable liquidity pools in the AMM space, the balancer protocol is uniquely positioned as a core infrastructure component for decentralized finance protocols and applications.” she added:
“We see this aspect of technology as a strong long-term indicator in the balancer, as widely embedded protocols in high-level systems are capable of driving powerful network effects and defensive trenches.”
The balancer has a history of attracting funds from major VC firms. Last November, Alameda Capital and Pantera Capital Thrown away His weight behind the Daffy project. In March of this year, Three Arrow Capital and Defiance Capital Led to a $ 5 million increase for the company.
There has been much discussion about the balancer recently after Cointelegraph Markets Pro indicated VORTECS ™ data The beginning of a new rapid phase for the project. However, in the wake of last week’s market cycle correction, most of that bullish outlook has received subsidies. The value of the BAL token has fallen by 17% in the last one week.
The balancer protocol aims to be the major source of liquidity in the Daffy market. The team has emphasized adoption in the Asia Pacific region, which could emerge as a hub for decentralized financial products.
Several key investors in the cryptocurrency industry have purchased $ 24.25 million in balancer tokens in a coordinated move to adopt the automated market maker’s springboard.