Nolus, an interoperable application on Cosmos, has secured $2.5 million in pre-seed and seed funding to tackle inefficiencies in DeFi money markets.
Defi Protocol Nolus Raises 2.5M to Build the First Cross-Chain Defi Lease
Nolus, an application that can be used across different blockchain networks within the Cosmos ecosystem, has raised $2.5 million in pre-seed and seed funding to address inefficiencies in decentralized finance (DeFi) money markets.
The recent seed funding round, which valued Nolus at $20 million, was supported by investors such as Dorahacks, Everstake, Cogitent Ventures, Token Metrics Ventures, and Autonomy Capital. The funding will enable Nolus to complete its technological infrastructure and expand its platform beyond the Cosmos ecosystem, with the guidance of its advisory board members Zaki Manian, Strangelove, and Shane Molidor.
Nolus has developed a novel solution called DeFi Lease that aims to improve the capital efficiency of the crypto money markets by reducing the steep over-collateralization requirements. With DeFi Lease, users can receive up to 150% financing on their initial investment, lower margin call risk, and access to leveraged assets through yield-bearing strategies that have been approved by Nolus.
Additionally, with the support of liquid staking derivatives, Nolus hopes to create a use case for self-repaying loans that will serve as a cornerstone for the Cosmos ecosystem.
Nolus has created a money market that connects lenders who want to earn yield on deposited stablecoins with borrowers who want to increase their holdings with more assets at lower risk while retaining ownership. To achieve this, the protocol is built on a semi-permissioned proof-of-stake blockchain using the Cosmos SDK and a WebAssembly smart contract engine that operates in an isolated sandbox model, emphasizing interoperability, security, and performance.
Nolus emphasizes interoperability at the core of its offering, using IBC and Interchain Accounts to access a range of liquidity hubs without causing fragmentation across chains.
Nolus has completed months of testing and will open its public mainnet in May.
To access more crypto news: cryptodataspace.com
Leave a comment