Consensys backed Idle Finance raises $1.2 million

DeFi yield optimization protocol, Idle Finance raises $1.2M in its recent funding round from industry players.

By · Nov 18, 2020 . 5min read

Idle Finance raises $1.2 million latest news

Idle Finance, a DeFi yield optimization protocol announces it has raised $1.2 million funding from gumi Cryptos Capital and other industry funds.

In a recent announcement on its Medium blog, Quantstamp, TheLAO, Dialectic, BlockRock Capital, Greenfield One, Long Hash, and other DeFi-angels like Jack Herrick, Josh Hannah, Imran Qiao, and Imran KhanIdle’s were also among the parties which contributed in Idle’s recent funding round.

Idle intends to use the funding for further platform development and growth of Idle’s ecosystem. By that, Idle aims to support the community improvement vote and act as an amplifier of governance decisions.

Rui Zhang, VP at gumi Inc. & GP at gumi Cryptos Capital on the Idle’s successful fund raising said

Yield optimization protocols help normal users effortlessly compare & monitor yields on different Defi protocols and deploy capital to the best pools.

Idle’s multiple strategy product meets the sophisticated demands of different types of users (and their risk profiles), a key for mass adoption. Further, by differentiating LP incentive rewards based on users’ behavior, Idle is going to build a much healthier ecosystem.

Even before Idle became an entity and secured funding in millions from investors, it was a product of a hackathon. Tachyon accelerator program selected Idle after it participated in the ConsenSys Summer Hackathon of last year.

Idle is rewarding 4% of IDLE total supply to early Liquidity Providers during the liquidity mining phase. Although future liquidity providers will receive rewards according to the liquidity mining program unveiled.

Idle Finance joins the list of DeFi protocols that have raised funding from external investors

With Idle’s recent funding announcement, it joins the growing list of DeFi projects that raised from investors. Many others used the infamous “fair launch” approach. Among some of the VC investor funded DeFi projects include: Compound, Uniswap, Aave, Balancer, Ampleforth, Maker etc. Except for Curve and Sushiswap (that almost capitulated) most fair launch, DeFi projects have not outdone VC-funded DeFi projects.

Almost certain novel idea of algorithmically reallocating capital yield generating protocols and VC backing, is going to grow.

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