Decentralized finance startup MOUND, identified for its yield farming aggregator Pancake Bunny, has raised $1.6 million in seed funding led by Binance Labs. Different contributors included IDEO CoLab, SparkLabs Korea and Handshake co-founder Andrew Lee.
Constructed on Binance Smart Chain, a blockchain for growing high-performance DeFi apps, MOUND says Pancake Bunny now has greater than 30,000 each day common customers, and has gathered greater than $2.1 billion in whole worth locked (TVL) since its launch in December 2020.
The brand new funding will likely be used to increase Pancake Bunny and develop new merchandise. MOUND not too long ago launched Sensible Vaults and plans to unveil Cross-Chain Collateralization in a few month, bringing the startup nearer to its objective of overlaying a variety of DeFi use instances, together with farming, lending and swapping.
Sensible Vaults are for farming single asset yields on leveraged lending merchandise. It additionally routinely checks if the price of leveraging could also be greater than anticipated returns and might actively lend belongings for MOUND’s cross-chain farming.
Cross-Chain Collateralization is cross-chain yield farming that lets customers preserve authentic belongings on their native blockchain as a substitute of counting on a bridge token. The person’s authentic belongings function collateral when the Bunny protocol borrows belongings on the Binance Sensible Chain for yield farming. This enables customers to maintain belongings on native blockchains whereas giving them liquidity to generate returns on the Binance Sensible Chain.
In a press release, Wei Zhou, Binance chief monetary officer, and head of Binance Labs and M&A’s, mentioned “Pancake Bunny’s development and MOUND’s dedication to execution are spectacular. Crew MOUND’s experience in dwell product design and repair was a key think about our resolution to speculate. We stay up for increasing the horizons of Defi along with MOUND.”