July 08, 2024
Idle, an on-chain credit and yield platform, has successfully secured $1.1 million in strategic funding. The funding round was spearheaded by the investment firm RockawayX. Fasanara Digital also contributed to the round, bringing the total funding for Idle to $2.4 million. The company intends to use these funds to further enhance the on-chain credit infrastructure among other initiatives.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Idle | $1.1M | July 09, 2024 | Strategic Funding | $2.4M | RockawayX | DeFi |
As a decentralized autonomous organization (DAO), Idle offers yield automation and hedging tools for the decentralized finance (DeFi) market, as per a press release shared with The Block. The platform has managed to accumulate $300 million in liquidity and has exceeded $2 billion in volume.
About Idle
Idle Finance, also known as Idle, is a yield automation protocol that aims to optimize yields for its users. It is a decentralized autonomous organization (DAO) that builds financial infrastructure for Web3. The platform is designed to maximize capital efficiency and manage treasuries within DeFi. It provides yield automation and hedging tools for the decentralized finance (DeFi) market.
Idle’s platform allows users to search for the best yields across various chains. It offers a unique edge for optimized yields and supports a variety of protocols. The platform is trusted by many and has a total value locked (TVL) of $7,952,638.
Website: https://idle.finance/
X Followers today: 16,216
X Followers 30 days ago: 16,143
X Change: 73 (+16,143)
About Investor
Investor: RockawayX
Rockaway X is a global venture capital firm that backs Web3 founders shaping the ownership economy. The firm oversees $1.8B in assets across its asset management and engineering divisions. It has invested in more than 30 funds and 50 projects to date, all of which are operating at the vanguard of a decentralized global economy.
The firm supports early-stage startups with more than just capital. Through developer-focused conferences and hackathons, including Solana’s Hacker House and Gateway to Cosmos, as well as partnerships with top universities, RockawayX promotes direct access to a pool of global talent. By providing dedicated validators and staking infrastructure for a range of networks from the testnet stage, as well as an in-house Labs team dedicated to development, RockawayX contributes to the decentralization, security, and growth of Web3 projects.
Location: Prague, Czech Republic
Website: https://rockawayx.com/
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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