The decentralized finance startup MOUND, known for its produce, aggregator Pancake Bunny, has raised $ 1.6 million in seed funding led by Binance Labs. Other participants included IDEO Collab, Sparklabs Korea and Andrew Lee, co-founder of Handshake.
A blockchain to develop a high-performance DIFA app, built on the Binance smart chain, MOUND says Pancake Bunny now has more than 30,000 daily average users, and a total price lock since its launch in December 2020. (TVL) has accumulated over $ 2.1 billion.
The new funding will be used to expand Pancake Bunny and to develop new products. MOUND recently launched Smart Vaults and plans to unveil cross-chain collateralization in about a month, bringing the startup closer to its goal of covering a wide range of DeFi use cases, including farming, lending and swapping Gone.
Smart vaults are for the cultivation of single asset yields on leveraged lending products. It also automatically checks whether the cost of leveraging can exceed anticipated returns or actively lends assets to cross-chain farming of the MOUND.
Cross-chain collateralization is cross-chain yield farming that allows users to place core assets on their core blockchain instead of relying on a pull token. The user’s core assets serve as collateral when the bunny protocol borrows assets on the Binance Smart Chain for yield cultivation. This allows users to place assets on the native blockchain while giving them liquidity to generate returns on the Binance smart chain.
Wen Zhou, Binance Chief Financial Officer and Head of Binance Labs and M & A’s, said in a statement, “MOUND’s commitment to the growth and execution of Pancake Bunny is impressive. Team MOUND’s expertise in live product design and service was an important factor in our decision to invest. We look forward to expanding Defi’s horizons together with MOUND. “