Jellyverse raises $2 million in seed funding to power DeFi 3.0
While artificial intelligence (A)) continues to dominate the headlines, the decentralized finance (DeFi) space is steadily gaining momentum as investors pour millions into promising startups and projects. The latest players are Jelly Labs AG and Fintonomy LTD, the brains behind the decentralized finance (DeFi) protocol Jellyverse.
Today, Jelly Labs AG and Fintonomy LTD announced they have secured $2 million in seed funding from private investors to support the development and launching of Jellyverse’s DeFi 3.0 protocol.
Jellyverse, operating on DeFiMetaChain, serves as a platform for advanced decentralized financial services, aiming to transform the way people engage with DeFi. The funds raised will play a pivotal role in supporting the ongoing development of this decentralized platform.
The initiative for Jellyverse stems from the core team behind DeFiChain Accelerator, recognized for its influential role in accelerating the adoption of DeFiChain. This acceleration is achieved through cutting-edge software development, global marketing campaigns, and strategic business development initiatives.
Despite remarkable progress in digital token interaction within the DeFi industry, the integration of real-world assets remains a challenge. Jellyverse steps in to fill this void and elevate DeFi by combining real-world price feeds with advanced decentralized finance applications, shaping the next generation of DeFi—DeFi 3.0. Jellyverse offers an array of products, including decentralized portfolios, bonds, lending, and sophisticated staking alternatives.
The platform is constructed on top of DeFiMetaChain (DMC), an EVM-compatible Layer-2 that extends the capabilities of the native non-Turing complete DeFiChain. DeFiMetaChain achieves groundbreaking interoperability by acting as a parasitic chain, seamlessly connecting with various blockchains and collecting crucial data. This data is instrumental in crafting cross-chain protocols that surpass current industry standards. Moreover, building on DeFiMetaChain proves more economical due to lower gas fees compared to Ethereum.
“Jellyverse merges the pinnacle of past DeFi achievements with a fresh perspective. We present decentralized assets that pioneer a novel way to diversify your crypto portfolio, complemented by self-balancing multi-token pools,” Santiago Sabater, Co-Initiator of Jellyverse, said.
An exciting addition to Jellyverse protocols is the introduction of jAssets, constructed by a community team. These jAssets enable users to gain price exposure to real-world assets like commodities and stocks in a fully decentralized manner. While not precisely mapped to the stock or commodity’s price, these assets follow the general price development based on embedded protocol mechanisms.
Jellyverse is poised to redefine decentralized portfolio management by offering self-balancing portfolio pools containing tokens tied to real-world price feeds. Investors can construct intricate portfolios encompassing a variety of assets while earning yield on their holdings.
In addition, Jellyverse is rolling out a variety of initial offerings, including JellySwap—a decentralized exchange and portfolio manager leveraging Balancer’s extended features, complete with the Jelly Token. There’s also JellyStake, a decentralized staking protocol that boosts rewards and voting power for JLY token holders through inflation and ecosystem-wide protocol-generated fees.
Another highlight is jUSD, a stablecoin backed by Liquity protocol’s stability mechanisms, allowing borrowing against various cryptocurrencies. Additionally, there are user-generated tokens called jAssets, reflecting traditional asset prices, developed by a community team for future integration into Jellyverse through governance decisions. Lastly, JellyBond introduces the first bonding mechanism to DeFiChain, providing increased yield and protocol-owned liquidity for token holders by allowing the bonding of jUSD and jAssets.
With a strong emphasis on user experience, security, and efficiency, Jellyverse’s DeFi 3.0 protocol is poised to reshape how individuals interact with DeFi. The infusion of funds from private investors positions Jellyverse to bring this innovative protocol to fruition and usher in a revolutionary era for the DeFi landscape.