- DeFiChain-based Jellyverse raises $2 million from private investors to build its ecosystem.
- The funding was secured in a seed funding round by Jelly Labs AG and Fintonomy LTD.
- Jellyverse will feature protocols such as a DEX, staking protocol and stablecoin.
Jellyverse, a decentralised finance (DeFi) ecosystem built on the EVM-compatible layer-2 DeFiMetaChain (DMC), has secured a $2 million capital injection from private investors.
The seed round was raised by Jelly Labs AG and Fintonomy LTD, the two companies helping develop the Jellyverse. This DAO-governed ecosystem has JLY as the native token.
Jellyverse secures $2 million funding
According to details in a press release shared on Monday, Jelly Labs AG and Fintonomy LTD will utilise the financing to support the DeFi 3.0 platform’s development.
Specifically, the developers aim to advance DeFi adoption with integration of real-world assets and real-world price feeds. Initiated by the DeFiChain Accelerator core team, Jellyverse’s DeFi 3.0 products including decentralised portfolios, bonds, lending and staking are aimed at this goal.
“Jellyverse merges the pinnacle of past DeFi achievements with a fresh perspective. We present decentralised assets that pioneer a novel way to diversify your crypto portfolio, complemented by self-balancing multi-token pools,” Santiago Sabater, the co-initiator of Jellyverse, noted in a statement.
Jellyverse ecosystem to include a DEX, staking protocol and stablecoin
Jellyverse has several protocols under development. These include JellySwap, a decentralised exchange (DEX) built on Balancer; JellyStake, a decentralised staking protocol; and jUSD, a stablecoin that allows users to borrow against DFI, dETH, the native Jellyverse token JLY as well as other cryptocurrencies.
The Jellyverse ecosystem will also feature jAssets and JellyBond. jAssets will be a protocol for crypto-backed user-generated tokens that will allow ecosystem participants to diversify their crypto portfolios via exposure to traditional financial markets. In this case, jAssets will reflect the prices of stocks, commodities and exchange-traded funds (ETFs), leveraging real-time price feeds.
JellyBond on the other hand is the protocol that bonds the stablecoin jUSD and jAssets, allowing users to earn yield on their tokens.
Jellyverse’s entry into the market could align with fresh momentum for the DeFi sector, which is showing resurgence amid bull market upside. The total value locked (TVL) was over $180 billion in November 2021 and fell to below $36 billion in mid-October this year.
According to DeFiLlama, the total TVL for all chains has risen to nearly $50 billion as the crypto market records a resurgence in prices.