DeFi, Liquity, raises $6M in seed funding
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Answer DeFi, Liquity, raises $6M in seed funding
Yesterday, March 29, the decentralized lending startup “Liquity” announced the completion of an investment round of $6 million in Series A funding.
Wrote Robert Lauko, founder of Liquity, about the company’s recent funding round:
The private investment round will allow us to continue pursuing Liquity’s mission of improving access to blockchain borrowing, removing interest rates, and reducing governance in DeFi.
Regarding the specific plans for the company’s latest financing, Lauko told The Block:
We are committed to continuing to improve our UI launch suite (which we provide to third parties) by making it more user-friendly and accessible to a wider audience.
The investment company “Pantera Capital” led the round, with the participation of “Nima Capital”, “Alameda Research” and others.
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Similar to the MakerDAO project, the LUSD stablecoin relies on cryptocurrency deposited as collateral to distribute a digital currency pegged to the dollar.
The protocol first gained prominence in the spring of last year, around the same time that a sudden drop in the price of Ethereum triggered mass liquidations on the MakerDAO platform.
According to the people behind Liquity, the problem with MakerDAO is excessive safeguards.
The Liquity platform has a guarantee rate of 110%, compared to 150% of MakerDAO.
The founders of Liquity touted that the project uses a separate “LQTY” token to stabilize the most risky loans on the protocol.
LUSD is scheduled to launch on April 5, according to the team.
He told Lauko that the current funding round is focused on selling LQTY digital currency, which has a total supply of 100 million.
Including the current funding round, Liquity has allocated 33,902,679 LQTY to investors.
Monday’s announcement follows an initial $2.4 million funding round that Liquity Inc. received in September 2020.
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