DeFi protocol RAI Finance is within the information after it introduced that it raised $1.5 million value of strategic funding led by world crypto-funds together with GBIC and Alphabit.
RAI Finance goals to construct a DeFi ecosystem with a better quantity of liquidity and a various set of monetary use circumstances via an integration with the Polkadot ecosystem.
RAI would harness the Polkadot community’s cross-chain compatibility to resolve issues in constructing DeFi-based digital belongings and supplying liquidity to current distributed monetary ecosystems.
The $1.5 million funding from GBIC and Alphabit represents an curiosity in a mission that has many potential use circumstances in pushing the DeFi ecosystem to new ranges of adoption and performance, particularly with Polkadot’s cross-chain composability.
The announcement was celebrated by RAI Finance’s Lee Keonho who mentioned,
“We’re happy to draw strategic funding from world crypto funds forward of the launch of Rai Finance. We are going to attempt to enhance and additional develop the prevailing distributed monetary ecosystem via Rai Finance.”
Polkadot has been busy currently with a number of partnerships. It lately partnered with Ontology, a partnership that may combine its DeID answer on the community. This was a part of a wider effort for Ontology to construct a parachain on Polkadot. The parachain in query is meant to convey cross-chain liquidity to the Polkadot community.
Cross-chain performance is more and more essential to scale DeFi and presents customers entry to extra asset courses throughout the ecosystem. The expansion of Wrapped Bitcoin (WBTC) is the proper instance of how essential interoperability is to customers.
Polkadot is a community protocol that enables not simply tokens, but in addition arbitrary information to be transferred throughout blockchains. Its partnership with Equilibrium in August highlights the emphasis on cross-chain interoperability to spice up DeFi market progress.