zkLend, a cash market protocol being constructed on StarkNet, has introduced it has raised $5 million in seed-round funding led by Delphi Digital, anchored by StarkWare and Three Arrows Capital.
Produced on Starkware’s StarkNet, zkLend will be capable to scale at an element of 1-200 of Ethereum’s ordinary value, whereas inheriting Ethereum’s excessive degree of safety.
In constructing one of many core primitives on StarkNet, the zkLend group will launch Artemis, their permissionless lending providing, in Q3 2022.
Artemis will allow DeFi customers to borrow towards their property in an inexpensive, environment friendly, and secure method. Institutional and company customers needing a KYC and AML-compliant answer will be capable to use Apollo, the permissioned answer anticipated to launch early subsequent 12 months.
The funding from this spherical will go in the direction of the launch of the aforementioned merchandise Artemis and Apollo, along with group growth throughout tech, advertising, and enterprise improvement.
“zk-Rollups are the last word answer to true Ethereum scaling – the place safety is assured by math not individuals. Constructing our next-generation cash market protocol on StarkNet signifies that we inherit Ethereum’s safety and decentralization whereas leveraging zk-Rollup’s huge scalability potential. For the primary time, it signifies that permissionless and safe monetary providers that put particular person sovereignty first are inside attain. Given the passionate StarkNet group, we’re sure that this would be the future L2.” stated Jane Ma, Co-Founding father of zkLend.
The protocol will undertake an ouroboros mannequin to incentivize customers to take part within the focused cash market swimming pools. Different highlighted options enabled by zkLend embrace double-sided borrowing & collateralization elements, protocol-to-protocol lending, and variable liquidation charges.
ZEND, the native protocol token is a lynchpin of the protocol. Customers staking ZEND will be capable to take pleasure in governance, booster fee rewards, and claims to the curiosity revenue earned by the swimming pools.
“zkLend has two merchandise to cater to each DeFi customers and whitelisted institutional customers, serving as the elemental cash lego within the rising zk-Rollup ecosystem of dapps and customers,” commented Brian Fu, Co-Founding father of zkLend.
Different buyers within the seed spherical included Genesis Block Ventures, Alameda Analysis, CMS, MetaCartel DAO, DCVC, Amber Group, TPS Capital, Ascensive, D3Web Capital, 4RC, and SkyVision Capital.