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Jellyverse secures $2 million seed funding for its quest to build DeFi 3.0

Jellyverse secures $2 million seed funding for its quest to build DeFi 3.0

Jelly Labs AG and Fintonomy LTD have been working on a way to link real-world price feeds – particularly pertaining to traditional assets like securities and commodities – with decentralized finance applications in an effort to bring about the next phase for the DeFi industry – DeFi 3.0 as it is commonly referred to.

The Jellyverse, a comprehensive ecosystem and a key element of the DeFi 3.0 project, has recently secured $2 million in seed funding from private investors, according to the latest information shared with Finbold on December 4.

The platform, built on top of DeFiMetaChain (DMC) – an Ethereum Virtual Machine (EVM)-compatible Layer-2 – functions as a parasitic chain that can seamlessly connect with numerous blockchains and gather data. In addition to gathering the data that is crucial for developing cross-chain protocols, it boasts several major advantages compared to the likes of Ethereum (ETH), such as lower gas fees.

Jellyverse merges the pinnacle of past DeFi achievements with a fresh perspective. We present decentralized 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

Jellyverse’s initial offerings

Thanks to the successful fund-raising, the Jellyverse is preparing to offer a wide array of initial features. The DAO overseeing the ecosystem highlighted jAssets, community-built tokens that are backed by cryptocurrencies and offer price exposure to real-world assets like commodities and stocks in a fully decentralized manner to the users.

Other notable offerings include JellySwap – a decentralized exchange (DEX) based on Balancer and home to the Jelly Token (JLY) – JellyStake – a staking protocol built for JLY – the JUSD stablecoin, and JellyBond – described as “the first bonding mechanism to DeFiChain” that “offers amplified yield to token holders, while generating protocol-owned liquidity.”

JLY is described as the native governance and revenue-sharing token that will enable holders to vote on strategic and other important decisions pertaining to the Jellyverse. A part of the transaction fees earned across all protocols will be distributed to stakers of JLY tokens.

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