- DeFiChain-based Jellyverse is raising $2 million from private investors to build its ecosystem.
- The financing was secured in a seed financing round from Jelly Labs AG and Fintonomy LTD.
- Jellyverse will offer protocols such as DEX, staking protocol and stablecoin.
Jellyverse, a decentralized finance (DeFi) ecosystem based 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 involved in the development of the Jellyverse. This DAO-managed ecosystem has JLY as its native token.
Jellyverse secures $2 million in funding
According to a press release published on Monday, Jelly Labs AG and Fintonomy LTD will use the funding to support the development of the DeFi 3.0 platform.
Specifically, the developers aim to advance DeFi adoption by integrating real-world assets and real-world price feeds. Initiated by the DeFiChain Accelerator core team, Jellyverse's DeFi 3.0 products, including decentralized portfolios, bonds, loans and staking, aim to achieve this goal.
“Jellyverse brings together the culmination of past DeFi successes with a new perspective. “We present decentralized assets that offer a novel way to diversify your crypto portfolio, complemented by self-balancing multi-token pools,” noted Santiago Sabater, co-initiator of Jellyverse, in a statement.
The Jellyverse ecosystem includes a DEX, a staking protocol, and a stablecoin
Jellyverse has several protocols in development. These include JellySwap, a decentralized exchange (DEX) built on Balancer; JellyStake, a decentralized staking protocol; and jUSD, a stablecoin that allows users to borrow against DFI, dETH, Jellyverse native token JLY, as well as other cryptocurrencies.
The Jellyverse ecosystem will also include jAssets and JellyBond. jAssets will be a protocol for crypto-backed user-generated tokens, allowing ecosystem participants to diversify their crypto portfolios through access to traditional financial markets. In this case, jAssets reflects the prices of stocks, commodities and exchange-traded funds (ETFs) using real-time price feeds.
JellyBond, on the other hand, is the protocol that connects the stablecoins jUSD and jAssets, allowing users to earn yield from their tokens.
Jellyverse's entry could come with new momentum for the DeFi sector, which is resurgent amid the bull market's upward momentum. Total Locked Value (TVL) was over $180 billion in November 2021 and fell to under $36 billion in mid-October this year.
According to DeFiLlama, the total TVL across all chains has risen to nearly $50 billion as the crypto market sees a price increase.
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