August 12, 2024
Ion Protocol, a liquidity protocol specializing in staked and restaked assets, has successfully raised an additional $4.8 million in funding. This brings the company's total capital to $7 million. Investors participating in the round include Gumi Capital Cryptos, Robot Ventures, BanklessVC, NGC Ventures, Finality Capital, and SevenX Ventures.
Project | Latest Raise | Latest Raise Date | Stage | Total Raise | Lead Investor | Category |
|---|---|---|---|---|---|---|
Ion Protocol | $4.8M | Aug 12, 2024 | Series | $7M | Gumi Capital | Staking |
The newly acquired funds will be allocated towards the development and support of Nucleus, a native yield primitive designed to address monetization challenges within rollup and appchain ecosystems. By offering native yield for Ethereum, Bitcoin, and USD-backed assets, Nucleus aims to incentivize deposits on these networks and foster the growth of decentralized applications.
Nucleus functions by generating yield through securing infrastructure products such as bridges and oracle networks. This revenue is subsequently distributed among networks, applications, and users. The protocol prioritizes infrastructure-sourced yield to mitigate risk. Additionally, Nucleus leverages Ion Protocol's lending platform and reallocates unused liquidity to support counterparties facilitating seamless cross-chain liquidity transfers.
Through Nucleus, Ion Protocol seeks to resolve the issue of lost staking rewards for users bridging assets to Ethereum rollups. These rollups, while offering faster and cheaper transactions, typically do not provide the same yield opportunities as the mainnet. By offering a default yield across multiple rollups and appchains, Nucleus aims to create a more attractive proposition for users and developers alike.
About Ion Protocol
Ion Protocol is a price-agnostic lending platform built to support staked and restaked assets. It allows users to participate in lending markets of all kinds, ranging from leveraged staking yields to points multiplier pools and more. Ion focuses on bringing staking-based mechanisms to DeFi, creating an enhanced lending and borrowing experience for users to earn more while risking less.
In Ion's first phase of its launch, it will specifically be focusing on supporting isolated markets that enable stakers to lend LSTs to enhance their staking yield while rest. At the same time, restakers can borrow with their LRTs to multiply their EigenLayer and LRT returns.
About Investor
Investor: gumi Capital Cryptos
gCC is a boutique early-stage venture capital firm based in Silicon Valley. Since 2018, we have supported some of the best builders in the industry, adding value through our entrepreneurial experience and global networks. We believe the Internet will become the single largest market in human history, and it will be rebuilt on a foundation of new protocols that protect and coordinate the transfer of digital assets, resources and intellectual property, generate consensus, incentivize network participants and decentralize ownership.
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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