Amid DeFi’s rise in the stratosphere and growing demand for unique and innovative solutions, the global community of angel investors and VC firms continues to engage in private funding rounds and token sales. The resulting influx of capital shows that entrepreneurs and startups play their part in developing the new generation of blockchain technology.
Balancer Labs raises $24.25 million to accelerate protocol development
Balancer Labs, the company behind gymnast, an automated portfolio manager, liquidity provider and price sensor, has raised $24.25 million from leading investors in its recent token sale, which will be used to accelerate the development of the Balancer protocol. The recent round saw an influx of new investors including Alameda Capital, Pantera Capital, Fenbushi Capital, Blockchain Capital, LongHash Ventures, Fintech Collective and Continue Capital.
One of the Balancer Protocol highlights is that it uses multidimensional values to build a mathematical and analytical framework, allowing different portfolios to automatically adjust to market conditions. The second development of the Balancer protocol (Balancer v2) will restructure existing system architectures to improve transaction costs while easing developer integration and user experience.
Flair, the world’s first FBA network, raises $11.3 million
shine, a new contract platform built on a modified version of Avalanche, is a distributed network with some unique properties. It can be used not only to create a two-way bridge between networks, such as Ethereum and XRP Ledger, but it is also the world’s first Turing complete FBA network. Flair claims to be the only platform that implements the Federated Byzantine Agreement (FBA) consensus for smart contracts, making it secure and accessible to most of the blockchain development community.
Led by Keenetic Capital, the platform recently raised $11.3 million from some of the world’s leading venture capitalists, such as Digital Currency Group, Coinfund, LD Capital, cFund, Wave Financial, Borderless Capital, and Backend Capital, and Vinnie Lingham. Including angel investors. , Dou Kwan and Litecoin founder Charlie Lee, as well as Newform Capital, Genesis Capital, ZB Group, Ripple and DeFi Capital.
Automata Networks Backed with $2.4 Million to Build Privacy-Oriented Web 3.0
automata network, which claims to provide seamless privacy for dApps, has raised $2.4 million from leading investors such as IOSG Ventures, KR1 and Jump Trading. The platform, officially launched on Binance LaunchPool, aims to deploy privacy-first and cross-chain compute protocols, offering developers the necessary infrastructure to take advantage of Web 3.0.
The protocol aims to empower Web 3.0 applications and businesses built on Polkadot and Ethereum with privacy-first, high-assurance and friction-free transactions. In addition, the automata supports integrated cross-chain connections for better handling, a collaborative reward mechanism, and a framework to make data privacy a built-in option in dApps, among many other unique features.
DeFi startup Crypto Network raises $1.1 million in private round
According to many, switching between blockchains, navigating complex interfaces, and issues related to scalability and fees are the biggest barriers that prevent mass adoption of DeFi. To address these concerns, retail DeFi startups krypton network, Built on Polygon, offers a suite of user-friendly crypto products for the daily retail investor who wants to invest in crypto but is intimidated by its complexity.
With a wide range of products and services aimed at increasing the adoption of cryptocurrencies, the Krypton network recently wrapped up a successful private funding round. The project attracted many acclaimed investors from the crypto universe, including VC firms such as Genblock, Master Ventures, CMS Holdings, X21 Digital, Gravity X Capital, Water Drip and AU21, generating a capital inflow of $1.1 million. In addition, angel investors such as Sandeep Nelwal of Polygon and Humayun Shaikh of Fetch.ai also funded the network.
Panther Protocol Raises $8 Million Allocated to Build DeFi Privacy Solution
In a world where digital assets are constantly under the spotlight of regulators, privacy seems to be something that is plaguing many traders, retailers and investors. panther protocol, an end-to-end privacy solution, solves this problem by providing Defi users with interoperable, fully collateralized privacy-enhancing digital assets. The Panther Protocol provides users with customizable transaction-level privacy. Using Zk SNARK technology, the protocol aims to have a robust privacy mechanism, allowing users to mint zero-knowledge zAssets and leverage them in various DeFi applications.
The platform has completed its private funding round, raising over $8 million from over 140 investors. VC firms and angel investors from around the world participated in the private financing round. Some of the early contributors include Alphabit Fund, Deep Ventures, X Network, Market Across, Master Ventures, MoonWhale, NextGen, Protocol Ventures, Rarestone Capital, Titans Ventures and more.
Impossible Finance Receives $7 Million to Open DeFi Incubator, Launchpad and Swap Platform
impossible finance, a platform offering inclusive financial instruments through DeFi, has raised more than $7 million from its recent funding round. The platform aims to simplify DeFi by removing the complicated interface, allowing users to quickly swap tokens, add liquidity, and stake their tokens for additional rewards. Built by DeFi professionals from top fintech firms, Impossible Finance aims to use the funds to accelerate work on its multi-faceted platform that offers a DeFi incubator, launchpad and swap features.
Recent funding rounds included participation from True Ventures, CMS Holdings, Hashed, Alameda Research, Genesis Block Ventures, Amniscap, Primitive, Incuba Alpha, BR Capital, China Global Capital, IOG, Coin98, The LAO, Maple Leaf Capital, and others . Several prominent angel investors including Sandeep Naiwal (Matic), Ken Warwick and Jordan Momtazi (synthetics), Bette Chen and Ruitao Su (Akala), Bobby Ong and TM Lee (Coingeco), Larry Cermack (The Block), Calvin Liu (Compound) ), and others also invested in this novel concept.
Reef Finance announces $20 million grant to encourage app development
To increase the participation of developers wanting to build applications on the reef chain, reef finance has announced a $20 million grant across multiple categories, including the DeFi lending protocol and bridge, runtime modules/chains, NFT development, decentralized exchanges (DX), wallets and interfaces, and development and deployment tools. In addition to being an EVM-compatible DeFi chain built on the Polkadot substrate, Reef Chain is claimed to be fast, highly scalable, and have minimal transaction fees.
The latest announcement to allocate grants to developers is in line with the company’s vision of simplifying DeFi and making it accessible to all. Major Defi brands like Lendfi, Realm and QuickSwap are some excellent examples of the unique capabilities of the ecosystem. In line with the launch of the grant program, Reef Finance will also continue to enhance the facilities and functionalities of Reef Chain in an effort to mainstream adoption of its funding ecosystem.
ROK Capital and Solana Foundation Establish $20 Million Solana Eco Fund
To attract more developers to Solana infrastructure development projects and expand the reach of blockchain in Korea, ROK Capital, a leading blockchain accelerator in the country, and, Solana Foundation has unveiled a $20 million fund to support teams and projects. Ecosystem Fund seeks to bootstrap companies that add value across multiple sectors Solana Blockchain By building architectures to support activities in Web3.0, NFTs, and def.
The fund is also associated with blockchain consulting organization FactBlock and community-based accelerator Despread, which will share their expertise with the initiative as partners. Already the fund has bootstrapped several organizations as part of its mandate, including Mercurial Finance, Parrot, Serum, Symmetry, and Synthetify.
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