DeFi project Ondo raises $4m to launch DAO and its own token

August 20, 2021


DeFi projectd

Ondo Finance, a project set up by former Goldman Sachs employees, has raised $4m in seed funding.

We're excited to announce our $4m equity funding round led by @PanteraCapital. We're also launching two more Vaults with an increased cap, offering 41% APY Fixed Yield on ETH and 7.9% APY Fixed Yield on USDT, accessible at https://ondo.finance/markets

The round was led by Pantera Capital. Other investors include Genesis Trading, CMS Holdings, CoinFund, Divergence Ventures, as well as Aave founder Stani Kulechov and Quantstamp blockchain start-up head Richard Ma.

Ethereum protocol Ondo Finance opens up the possibility for users to place crypto-assets in vaults (Vaults), earning income at a fixed or variable rate.

For example, investors can invest in USDC-ETH vaults based on the Uniswap pool. Users can choose fixed income by depositing USDT, or variable income by locking ETH into a smart contract.

Ondo Finance head Nathan Allman said the funds raised will help the project expand its staff, add support for different blockchains and revenue strategies. In the future, the platform will launch its own token and decentralised autonomous organisation (DAO).

Previously published a review of services designed to improve liquidity providers' profitability on Uniswap v3 and reduce the risk of intermittent losses.

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