Steer Protocol has raised $1.5 million to create a developer platform that disrupts decentralized liquidity management and connects real-world data to Web3.
Steer Protocol Raises $1.5M in Seed Funding
The round was led by Druid Ventures, with participation from well-known VC firms and angel investors including Republic Capital and Big Brain Holdings. The funds raised will be used to accelerate the ongoing development and future deployment of Steer Protocol’s innovative products, which are expected to bring significant benefits to DeFi projects and stakeholders as a whole.
Founder and CEO of Steer Protocol, Derek Barrera, stated, “We are thrilled to have the support of our investors as we work towards our mission of revolutionizing the DeFi landscape by offering a comprehensive suite of tools and solutions for developers and users alike.”
As the launch of the Steer Protocol neared, the initial focus was on using the Concentrated Liquidity (CL) product to address liquidity management challenges. These products allow liquidity providers to allocate capital more efficiently, resulting in better returns and less slippage for traders.
Steer Protocol will also provide the protocol with the ability to create incentivized vaults for their tokens, increasing liquidity and facilitating a more efficient marketplace. Additionally, developers building on top of Steer Protocol’s CL products can earn a 5% performance fee on their strategies, incentivizing high-value market making strategy and project and provide new revenue streams for developers.
In addition, the Steer Protocol platform includes a comprehensive backtesting suite that allows developers to develop, test and optimize their market-making strategies before deploying them in the real market, reducing risk and improving performance. Steer Protocol strives to remove barriers to entry and hurdles for Web3 developers, supporting over 20 programming languages that make it easy for developers to create Web3 products without special knowledge and promote accessibility and innovation within the ecosystem.
Steer Protocol is an off-chain computing platform built for data processing. This allows developers to run off-chain logic for on-chain execution, ultimately reducing gas costs and increasing scalability.
Deepak Gupta, COO of Steer Protocol, added, “As we progress further, we will be launching more use cases that will aim to simplify the complex world of DeFi and make it accessible to a wider audience by decreasing the entry barrier and easing the creation of web3 backends for both protocols and developers with top-notch security.”
About Steer Protocol
Steer Рrotocol is a distributed computing protocol focused on addressing the infrastructure and data challenges of building, securing and deploying distributed Web3 backends. The Steer Рrotocol allows developers to create cross-chain apps using a variety of programming languages, connect to secure data sources, and run on any blockchain using provided infrastructure. It allows developers to automate tasks such as liquidity management, loan payments, asset management, governance, cross-chain actions, trading strategies, oracles, and operational tasks such as reward distribution, airdrops, and more.
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