DeFi Platform DeversiFi Raises $5M in Funding Round Led by ParaFi
- The seven-figure investment came from the sale of 12.5% of the total supply of DVF tokens, 50% of which have been reserved for liquidity mining rewards.
- DeversiFi will use the funds to launch the platform’s Layer-2 automated market maker pools, liquidity mining, and other exchange tools.
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Decentralized finance (DeFi) trading platform DeversiFi has raised $5 million through the sale of DVF tokens in a funding round led by ParaFi, the platform said in a blog post on 18 May.
According to the announcement, key crypto players and venture capital (VC) firms such as Defiance Capital, Lightspeed Venture Partners, Blockchain.com, Delphi Ventures, Fenbushi Capital, OKEx, and Longhash Ventures also took part in the round. The seven-figure investment came from the sale of 12.5% of the total supply of DVF tokens, 50% of which have been reserved for liquidity mining rewards. Santiago Santos, partner at ParaFi, said in a statement:
“DeversiFi brings to life a high-performance DeFi trading experience without paying high gas fees. Ethereum and DeFi are graduating from dial-up to broadband with Layer-2s this year and DeversiFi is at the forefront of this transition that, ultimately, realizes the promise of why DeFi will eat CeFi: faster, better, and cheaper.”
The newly acquired funds will help DeversiFi launch its Layer-2 automated market maker (AMM) pools, liquidity mining, and other exchange tools. The goal of the trading platform is to help small and mid-sized investors pay less fees on Ethereum by scaling Layer-2 trading on the network.
Previously known as EthFinex, DeversiFi is now a professional-grade, self-custodial solution that is backed by crypto firms such as Bitfinex, ConsenSys, and Ledger. The platform uses Starkware’s zk-STARK technology — one of the leading Layer-2 solutions — that uses zero-knowledge proofs to validate trades.
In its quest to lower trading fees, the platform also launched a new product back in February, called “Simple Swaps”, which enabled users to swap between any listed tokens instantly and without gas fees. According to the firm, the only fees users pay are the Ethereum fees needed to migrate the assets to DeversiFi, with the rest of the transactions performed on the platform requiring zero gas.
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