Emerging DeFi Project Router Protocol Raises Seed Funding, To Launch Cross-Chain Farming Soon
An upcoming DeFi project positioning itself as the best cross-chain liquidity aggregator, Router Protocol has announced a successful conclusion of its first seed funding round. The project has raised a total of $ 480,000 from a prominent consortium comprising of crypto, fintech and DeFi investors based out of Singapore, India and the US.
The Router Protocol is in the process of creating a DeFi ecosystem that forms a bridge between layer 1 and layer 2 blockchain solutions. By doing so, it contributes towards scalability and encourages a greater penetration of DeFi solutions in a world that continues to be dominated by conventional financial infrastructure. Router achieves its mission by implementing a suite of cross-chain liquidity infra primitives.
By facilitating cross-chain interoperability, the Router Protocol connects blockchains to enable the free flow of information and value between them. In addition, it also empowers the connected networks with smart order-routing capabilities so that users can seamlessly swap assets between them in the most transparent manner.
In a recently published statement regarding the fundraising round, the Router Protocol team said,” We believe that in the current DeFi environment and in the spirit of open-source building, there is no need for flashy VC names and glamorous NDAs. It’s all about true value being added to the community, and real problems being solved as opposed to capturing the next wave of the perpetual crypto hype cycle…”
With the recently raised funds, the Router Protocol will be expanding the team as well as the number of supported blockchains and blockchain solutions. The Easy Access Program is another significant step in the development of Router Protocol as it will make the Router token readily available to the DeFi community much before it gets listed on centralized exchanges. The Easy Access Program for Router was oversubscribed within 19 minutes of listing.
Meanwhile, the project will soon introduce cross-chain farming for providing liquidity on Ethereum and Matic, to be further expanded to other platforms in the near future. Liquidity providers on various exchanges like Uniswap, 1Inch, Sushiswap and Dfyn will be able to stake their LP tokens and earn Router’s governance token — $ROUTE.