Arrakis Finance Successfully Raises $4 Million In Seed Round
Arrakis Finance, a decentralized market-making system raised $4 million from Uniswap Labs Ventures, Accel, Polygon Ventures and others in a seed investment round.
The Block reported that Uniswap Labs Ventures, Accel, Polygon Ventures, and Robot Ventures were among the investors. The investment had no lead investor and was obtained through a simple agreement for future tokens (SAFT), according to Ari Rodriquez, co-founder of Arrakis Finance the round began in May and ended in September.
Rodriquez and Hilmar Orth, both former employees of Gelato Network, a well-liked platform for developers to manage smart contract execution on Ethereum, founded Arrakis Finance last year. Rodriquez was a senior smart contract engineer, and Orth was a co-founder of Gelato. In April of last year, the pair released the first iteration (V1) of the Arrakis Finance protocol, enabling the use of algorithmic techniques on Uniswap V3.
Arrakis V1 quickly became the go-to venue for deploying liquidity on Uniswap V3, with over $1.8 billion total value locked or TVL accounting for 25% of all liquidity on the protocol at its peak. The most common use case for V1 vaults were managing tightly pegged pairs, for example, stablecoins like DAI-USDC
Rodriquez said
Uniswap V3 and other concentrated liquidity automated market makers (AMMs) can be viewed as the foundation for Arrakis Finance’s V2 protocol, which was just recently introduced.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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Arrakis Finance Successfully Raises $4 Million In Seed Round
Arrakis Finance, a decentralized market-making system raised $4 million from Uniswap Labs Ventures, Accel, Polygon Ventures and others in a seed investment round.
The Block reported that Uniswap Labs Ventures, Accel, Polygon Ventures, and Robot Ventures were among the investors. The investment had no lead investor and was obtained through a simple agreement for future tokens (SAFT), according to Ari Rodriquez, co-founder of Arrakis Finance the round began in May and ended in September.
Rodriquez and Hilmar Orth, both former employees of Gelato Network, a well-liked platform for developers to manage smart contract execution on Ethereum, founded Arrakis Finance last year. Rodriquez was a senior smart contract engineer, and Orth was a co-founder of Gelato. In April of last year, the pair released the first iteration (V1) of the Arrakis Finance protocol, enabling the use of algorithmic techniques on Uniswap V3.
Arrakis V1 quickly became the go-to venue for deploying liquidity on Uniswap V3, with over $1.8 billion total value locked or TVL accounting for 25% of all liquidity on the protocol at its peak. The most common use case for V1 vaults were managing tightly pegged pairs, for example, stablecoins like DAI-USDC
Rodriquez said
Uniswap V3 and other concentrated liquidity automated market makers (AMMs) can be viewed as the foundation for Arrakis Finance’s V2 protocol, which was just recently introduced.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
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