Ethernet DeFi platform DeversiFi raises $5 million in strategic investment

DeversiFi, an ethereum-based Layer 2 DeFi platform, has raised a $5 million strategic investment.

Ethernet DeFi platform DeversiFi raises  million in strategic investment

DeversiFi, an ethereum-based Layer 2 DeFi platform, has raised a $5 million strategic investment, according to Cointelegraph on May 18. The round was led by ParaFi Capital, as well as Defiance Capital, Lightspeed Venture Partners, Blockchain Ventures, Fenbushi Capital, OKEx, StarkWare, and Longhsh Ventures, led by angel investors from Synthetix, Aave and Enzyme.

DeversiFi aims to make DeFi trading more convenient by enabling users to invest, trade and send tokens without paying gas fees. The platform announced its governance token, DVF, on March 25 with a fixed supply of 100 million. Its exchange was relaunched in June 2020 as DeversiFi 2.0, integrating Starkware kSTARK’s Layer 2 scaling technology.

DeversiFi co-founder Will Harborne described the importance of Ether’s Layer 2 scaling capacity as follows.

Layer 2 scaling is critical to Ether’s roadmap. We are creating a platform that integrates token investment, trading, sending and lending without the friction and cost of Layer 1. Integrating centralized exchanges is critical to lowering the barrier to accessing L2 DeFi as more users join.
Santiago Santos, Partner at ParaFi Capital, stated

DeversiFi brings a high-performance DeFi trading experience without the high gas fees. This year, Ether and DeFi will transition to Layer 2 scaling, and DeversiFi is at the forefront of this change, which will ultimately deliver on the promise of DeFi beating CeFi – faster, better and cheaper.
DeFi continues to attract significant investment and users from around the world. According to industry data, the industry peaked earlier this month with the total locked-in value (TVL) of DeFi agreements exceeding $163 billion.

Even with the weekend sell-off in the major cryptocurrency markets, DeFi continues to thrive. Most major DeFi tokens have gained positively in the last 24 hours.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/ethernet-defi-platform-deversifi-raises-5-million-in-strategic-investment/
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