Decentralized Finance application secured a $4 million expansion in its seed funding round, with investment from venture capitalists and Cobie's Echo platform.
DeFi.app, a groundbreaking Web3 super app, has recently completed a successful seed round, securing $6 million in funding. This funding will support the development and scaling of DeFi.app's ecosystem, aiming to revolutionise the DeFi space.
The super app is designed as an all-in-one platform offering instant, gas-free cross-chain swaps, yield farming, and perpetual contracts with full self-custody. DeFi.app's unique selling point is its ability to abstract gas fees via ERC-4337 smart accounts, meaning users only need to hold its native utility and governance token, HOME, without requiring ETH or other chains' tokens to pay gas.
Key features of DeFi.app include gas-free transactions, cross-chain swaps, yield farming and perpetual trading, self-custody, governance, and rewards. With these features, DeFi.app aims to simplify DeFi usage, making it more accessible and user-friendly.
The fundraising round saw participation from various venture capitalists. DCF Capital Partners, Balaji Srinivasan, and Pentoshi were part of the VC faction. The VC faction was led by Mechanism Capital. Echo's Comfy Capital and George Beall's groups were also part of the remaining $2 million fundraising.
In the round, DeFi.app sold a total of 400 million tokens. Half of these tokens, 200 million each, were allocated to venture capitalists and through Echo. This token sale accounts for 4% of DeFi.app's yet-to-launch $HOME token.
A majority of the HOME tokens have already been allocated to the community. The HOME token is expected to launch in Q2.
DeFi.app's mobile and desktop application is currently available in public beta. Asset management is provided via keyless self-custody wallets in the application.
The purpose of DeFi.app is to provide a unified, user-friendly DeFi experience with advanced features and governance, promoting mainstream adoption by reducing friction like gas fees and multi-step processes common in traditional DeFi platforms.
The recently secured $6 million funding for DeFi.app, a Web3 super app, will be used to develop and expand its all-in-one platform, which includes news on decentralized finance (DeFi) through community-driven sources. The unique technology behind DeFi.app abstracts gas fees via ERC-4337 smart accounts, enabling investing in financial instruments like perpetual contracts without the need for holding multiple tokens. The HOME token, set to launch in Q2, has already allocated a majority to the community, aiming to promote mainstream adoption of DeFi by simplifying DeFi usage and reducing friction.
