DeFi
Quasar Finance, a decentralized asset administration protocol based mostly on the Cosmos blockchain ecosystem, began its mainnet with the goal of serving to buyers handle their digital belongings throughout a number of blockchains.
The transfer comes after Quasar raised $5.4 million in a funding spherical led by Shima Capital earlier this yr at a $70 million valuation, bringing the full fund raised to over $11.5 million, the protocol stated in a press launch on Thursday.
Quasar stated it goals to turn into the main decentralized asset administration platform by enabling connectivity amongst blockchains through Inter-Blockchain Communication Protocol (IBC). “Powered by IBC-enabled sensible contracts, Quasar’s aim is to empower buyers with easy accessibility to the rising interchain panorama of quite a few particular person blockchains, inside the Cosmos ecosystem and past,” the press launch stated.
Within the wake of the spectacular failure of centralized exchanges resembling FTX, each crypto natives and buyers have elevated their concentrate on decentralized finance (DeFi) and safety. Quasar is aiming to deal with these points by making a devoted layer 1 protocol that may enable buyers to deposit funds into permissionless, non-custodial funding automobiles often known as “vaults,” which are optimized to work throughout a number of blockchains, the press launch stated.
The system can also be designed to eradicate the necessity for cross-chain bridges, which have confirmed to be dangerous for DeFi buyers, leading to over $2 billion in losses in 2022 alone.
By giving buyers entry to the creating interchain panorama of impartial and interoperable blockchains, each inside and outdoors the Cosmos ecosystem, Quasar hopes to permit buyers to have higher management over their investments.
“Quasar’s mainnet launch is predicted to draw extra liquidity suppliers and strategists trying to crowdsource interchain capital, whereas offering extra yield alternatives for particular person LPs,” stated Valentin Pletnev, lead and co-founder of Quasar Finance, in an announcement.
