DeFi
iZUMi Finance, a multichain decentralized finance (DeFi) protocol, has closed a $22 million funding spherical. The cash will present early liquidity for the startup’s on-chain order e book decentralized alternate, iZiSwap Professional, which is obtainable on the zkSync Period community.
iZUMi Finance affords one-step liquidity-as-a-service, or the conversion of 1 asset into one other asset or money. The platform has about $25.3 million in whole worth locked, in accordance with DeFi Llama knowledge. The newer iZiSwap Professional product is an automatic market maker (AMM)-driven order e book decentralized alternate that the corporate says reduces transaction prices and mitigates the custody dangers of comparable merchandise available on the market.
The fundraise was extra difficult than a typical “money in, fairness out” association. The corporate issued an iZUMi zk-Fund by way of strategic associate Solv Protocol that may be a semi-fungible token (SFT). Traders who buy the fund obtain an SFT of their pockets to characterize their share, making them a restricted associate of the fund. Upon maturity, buyers can redeem the SFT for his or her principal.
Traders within the spherical included Unicode Digital, NextGen Digital Enterprise, Bella Protocol and Incuba Alpha, amongst others.
Learn extra: DeFi Protocol iZUMi Finance Raises $30M, Launches Change