112 Interactions, 2 today
Investors are becoming more confident in the Balancer process. Could this be an indication that the market euphoria around DeFi is resuming?
Blockchain Fund, Fintech Collective, LongHash Ventures, Fenbushi Capital, Continue Capital, and Kain Warwick, the creator of DeFi protocol Synthetix, spearheaded the capital raising. The money will be utilised to improve Balancer’s position as a DeFi market core infrastructure supplier.
“By allowing for the most flexible and composable liquidity pools in the AMM space, the Balancer Protocol is uniquely positioned as a core infrastructure component for decentralized finance protocols and applications,” said Aleks Larsen, an investor with Blockchain Capital. He added:
“We see this aspect of the technology in Balancer as a strong long-term indicator, as protocols that are widely embedded in higher level systems are able to drive powerful network effects and defensive moats.”
Balancer has a track record of getting money from top VC companies. Alameda Capital and Pantera Capital both backed the DeFi initiative in November. Three Arrows Capital and DeFiance Capital spearheaded a $5 million fundraising for the firm in March of this year.
Balancer has recently received a lot of attention when VORTECSTM data from Cointelegraph Markets Pro signalling the start of a new bullish phase for the project. Despite the fact that much of that positive perspective has been subsidised in the aftermath of last week’s market cycle reversal. Over the last week, the value of the BAL token has fallen by 17%.
The Balancer protocol aspires to be the most important source of liquidity in the DeFi market. The team has prioritised boosting adoption in the Asia Pacific area, which has the potential to become a hub for decentralised finance solutions.
Several major cryptocurrency investors have acquired $24.25 million in Balancer tokens in a concerted attempt to accelerate acceptance of the automated market maker.