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New DeFi Project On The Solana Network Enters Funding Round And Raises Over $2M

By Kenny S - Bitcoin Enthusiast - 06-09-2021

The popularity of Decentralised Finance (DeFi) initiatives are on the rise, and many DeFi cryptocurrencies are quickly moving up the ranks. Some of the best decentralised finance crypto includes PancakeSwap (CAKE) which allows blockchain developers to exchange crypto, launch projects, and more. Fantom (FTM) offers smart contracts to blockchain developers, and Polygon (MATIC) provides a platform to support multiple DeFi protocols.

On the Solana (SOL) network, a new DeFi application is a concentrated liquidity market maker. Cyclos enables larger yields with better rates for those that invest in cryptocurrency. Cyclos also helps to pair stablecoins to help create an algorithm-less market. The DeFi project also adds other features like range orders as well as stop-loss/limit orders. 

In recent news, the DeFi project joined a funding round and raised a significant amount of $2.1 million this past Friday. The newly acquired funds are said to be used to develop the first official liquidity AMM on the Solana ecosystem. Reportedly, the investment to provide a focused liquidity service to Solana is also said to bring in and offer a variety of new features. According to Cyclos spokesperson Jason O'Brien, the new features that the DeFi provides on Solana were initially unavailable due to limitations on infrastructure within the network.

Joining Cyclos in the fundraising round were Hashkey, Huobi Ventures, CMS Holdings, Solana Capital, Coin98 Ventures, Gate.io, Petrock Capital, Cryptomeria Capital, Youbi Capital, MXC, Skyvision Capital, Illusionist Group, and DigiStrats; these were a portion of the noteworthy investors who supported the funding.

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