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deFIRE
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Cardano-Based DeFi Infrastructure Builder deFIRE Raises $5 Million In Pre-IDO Funding

NewsBTC by NewsBTC
1 year ago
in Company News
Reading Time: 2 mins read
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Many blockchains have gained traction in the world of decentralized finance. Although Cardano is not often mentioned in this context, that situation may come to change soon. Decentralized smart order routing engine deFIRE has completed its $5 million pre-IDO funding round.

Building The Cardano DeFi landscape

At its core, the Cardano ecosystem lends itself well for a variety of purposes. Its multi-layer approach – splitting settlement and computational tasks – offers tremendous potential for complex applications and smart contracts. Building decentralized finance services and products on such an ecosystem can lead to innovative services and products. Before that can happen, it is essential to establish the foundation powering the future DeFi ecosystem of Cardano.

The deFIRE team – aided by Changelly and Occam.fi – aims to create the first necessary brick to build that infrastructure. As a low-latency decentralized order router, deFIRE aims to attract institutional order flow originators and retail traders. By connecting to the deepest on-chain liquidity pools – and the option to create new pools if necessary – this service will prove essential to the future development of DeFi on Cardano.

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As deFIRE is incubated by Occam.fi and taps into Changelly’s vast network and expertise, the team has high expectations to meet. For network participants, it is paramount to have efficient and safe access to optimal execution services across decentralized exchanges. The success of DEXes results in more liquidity to execute trades and swaps. In this case, the main focus lies in providing a solution to swap between different Cardano-based tokens.

Pre-IDO Funding Completed

The bold vision of the deFIRE team has attracted attention from numerous VCs before the team organized its Initial DEX Offering on the OccramRazar launchpad. A total of $5 million in funding has been secured. Noteworthy participants include Cryptodromfund, Lotus Capital, Axia8 Ventures, Sheesha Finance, and others. The support by these reputable and prominent angels and new investors gives the team the option to leverage token liquidity at an early stage.

Changelly CEO Eric Benz comments:

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“We are thrilled to announce the successful conclusion of the private round led by some of the largest and most active investors in the rapidly expanding DeFi space. deFire leverages DLT and a contemporary market architecture to revolutionize the high-performance trading landscape significantly and transparently enhance order execution quality for institutions and individuals alike. Working alongside, I am sure we will bring a lot of value and liquidity to the Cardano ecosystem.”

Once the team completes its upcoming IDO on OccamRazer, deFIRE will decentralize the governance of its ecosystem. To achieve this goal, the team will create the deFIRE DAO, giving token stakers a chance to submit and vote on proposals to modify system parameters. The team will communicate more information on this decentralization via the official channels as products are released on the mainnet.

Closing Thoughts

Despite the initial success of decentralized finance, the industry is still in the nascent stage. Strengthening the infrastructure across different blockchains will pave the way for enhanced interoperability, rather than focus on ecosystems competing with one another. The future of DeFi will hinge on infrastructure, and there is still plenty of room for improvements on that front.

As Cardano is now an official frontier for decentralized finance, building that infrastructure becomes more critical. The vision by deFIRE is bold and ambitious but also highlights the potential of what one can achieve in the decentralized finance world. With the $5 million in pre-IDO funding secured, the team can focus on building and enhancing the Cardano ecosystem.

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