Key Takeaways
- zkLend has raised $5 million in a seed funding spherical led by Delphi Digital to develop a cash market protocol on StarkNet.
- StarkNet is a ZK-Rollup-based Layer 2 scaling resolution on Ethereum constructed by Israeli crypto unicorn StarkWare.
- zkLend will function two cash market merchandise, Artemis and Apollo, to cater to each DeFi customers and whitelisted institutional customers.
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zkLend, a cash market protocol constructing on StarkNet, has raised $5 million in a seed funding spherical led by Delphi Digital.
zkLend Closes $5M Seed Spherical
zkLend to launch two cash market merchandise on StarkNet.
At present, zkLend introduced that it raised $5 million by way of a seed funding spherical led by enterprise capital agency Delphi Digital, with participation from StarkWare, Three Arrows Capital, Alameda Analysis, CMS, and Genesis Block Ventures.
A Tuesday press launch acknowledged that zkLend would use the cash to develop and launch two cash market merchandise, dubbed Artemis and Apollo, on StarkWare’s Ethereum Layer 2 community, StarkNet. Artemis will likely be a permissionless cash market protocol geared towards common DeFi customers just like Aave, whereas Apollo will likely be a permissioned, KYC, and AML-compliant resolution for institutional and company customers. Artemis is anticipated to launch later this 12 months, and Apollo is due out in early 2023.
Commenting on the $5 million seed spherical, zkLend co-founder Jane Ma stated:
“zk-Rollups are the final word resolution to true Ethereum scaling—the place safety is assured by math, not folks. Constructing our next-generation cash market protocol on StarkNet implies that we inherit Ethereum’s safety and decentralization whereas leveraging zk-Rollup’s huge scalability potential. It implies that permissionless and safe monetary providers that put particular person sovereignty first are inside attain for the primary time. Given the passionate StarkNet group, we’re sure that this would be the future L2.”
StarkNet is an Ethereum Layer 2 scaling resolution constructed by the four-year-old Israeli crypto startup StarkWare, which lately hit a $6 billion valuation after elevating $100 million in a Sequence D funding spherical led by Sequoia. It leverages ZK-Rollup expertise to assist Ethereum obtain an order of magnitude larger transaction throughput with lowered gasoline prices by an element of 100 to 200. Based on Ethereum co-founder Vitalik Buterin, ZK-Rollups like StarkNet may assist the community scale from 20 to over 100,000 transactions per second.
Apart from benefiting from StarkNet’s excessive throughput and extremely low transaction charges, zkLend will function a number of improvements within the cash markets area, together with double-sided borrowing & collateralization elements, protocol-to-protocol lending, variable curiosity charges. It is going to additionally function a local governance token, ZEND, permitting customers to take part in governance and earn a portion of the income generated by the protocol via staking.
Disclosure: On the time of writing, the writer of this function owned ETH and a number of other different cryptocurrencies.
