APY.Finance, a decentralized finance (DeFi) protocol aggregator, has completed a $ 3.6 million seed funding round. While the platform is not yet available, it has received support from many Bitcoin Aussie System investors.
Specialized in the aggregation of yield farming protocols , the APY.Finance platform offers an automated investment service offering its users a simple way to take their first step in DeFi
While the platform is still not available, the team has received financial support from leading investors. The financing round benefited from the participation of Alameda Research , Arrington XRP Capital , Cluster Capital , Genblock Capital , TRG Capital and CoinGecko .
APY.Finance claims to build the “ Wealthfront of yield farming ”, namely a robot-advisor who automatically optimizes and manages the portfolio of users‘ assets.
“Yield farming today presents users with a high barrier to entry, cost and risk. APY addresses these challenges by providing users with an inexpensive, frictionless way to pool their cash and distribute it in a balanced portfolio, ”said Will Shahda, CEO of APY.Finance.
Thus, APY.Finance connects different DeFi protocols to one and the same place, such as Aave, Curve, Compoung, Balancer, Uniswap, SushiSwap, dYdX or even Yearn.Finance.
With the new funds available to it, APY.Finance is targeting a large-scale launch of its platform in mid-October. In addition, the platform plans to launch the APY , its governance token which will give decision-making power to its holders.
According to comments from the CEO collected by CoinDesk , a public sale of APY tokens is expected to begin in the coming days, for what the team calls an “ Initial DEX Offering ”.
DEX aggregation is growing rapidly
At the moment, DeFi aggregators are popular . By greatly simplifying investment in liquidity pools and the massive arrival of new protocols, the solutions they offer become almost indispensable.
This fundraising by APY.Finance follows that of ParaSwap , a French project – also aggregator of DEX – which raised $ 2.7 million last week .
Moreover, as for APY.Finance, CoinGecko also participated in the fundraising of ParaSwap . The platform which itself aggregates data on cryptocurrencies and trading platforms seems to be interested in DeFi.
In August, the industry pioneer 1inch platform managed to raise $ 2.8 million in its first round of funding led by Binance Labs .
With the idea of decentralizing their protocols, these platforms are also planning to deploy their own governance token .
Despite the recent fall in the market and decentralized finance tokens, the protocols themselves continue to attract many users. Recently, Uniswap came close to the $ 2 billion total value locked in its protocol, propelling DEX to the top of the DeFi Pulse rankings.
As the choice for investors becomes more and more important to enter DeFi, aggregators like APY.Finance and ParaSwap are emerging as essential tools.