Polysynth Raises $1.5 Mln From Investors - Project Scope.

Polysynth Raises $1.5 Mln From Investors - Project Scope.

2021-11-17 | Mike Hallen

Polysynth Raises $1.5 Mln From Investors - Project Scope.

Polysynth - Polygon-based "virtual market maker" technology seeks to facilitate trading for 100,000 different synthetic tokenized assets. Polysynth, a Polygon-based synthetic commodity platform, has safeguarded investments in several Defi venture capital firms and angel investors. On November 15, the team announced a 1.5 million sponsorship round as part of its seed cycle, with Jump Capital, DeFi Alliance, Hashed, and a number of people like Alan Howard, founder of Brevan Howard Asset Management, and Polygon Founders Sandeep Nailwal and -Jaynti Canaan participating. Polysynth stated that the funds would be used to expand its workforce of engineers, designers, and advertising, as well as to pursue protocol security research. The platform is currently in beta, only examining a few assets such as BTC, ETH, and MATIC's eternal future. If you live on the mainnet, the rule aspires to be composed of 100,000 various standards and crypto. Polysynth will offer a virtual market maker (VMM), a group that claims to have a few advantages over a standard order book or automated market maker. The collateralized debt position (CDP) model, which is used by automated market makers, is not used by VMM. Instead, for each produced asset, traders employ a stablecoin bond to open longer or shorter bets. They can attain liquidity and other benefits such as decreased smoothness and better quotations by issuing stablecoins and immediately buying and selling synthetic items. Saurabh Sharma, a Jump Capital Partner, noted that "Polysynyth eliminates cost inefficiencies in the old way of over-integration, dramatically lowering obstacles to widespread adoption." He said that conventional commodities solutions often necessitate five times the manual manipulation and re-measurement and that the "Polysynth-based VMM model solves these issues by allowing traders to trade against a continuous product curve." In order to capitalize on its beta version, the protocol launched a trading competition on November 16. Users that generate the biggest returns or report platform disturbances will be eligible for cash awards. PolySynth restated its plan to become an autonomous organization and introduce a domination token in the future. According to DeFiLlama, the entire Polygon ecosystem is currently closed at $ 4.92 billion. The network offers a second layer of Ethereum. Aave, a multi-chain liquidity protocol, has the biggest market share in Polygon, with an estimated value of $ 1.87 billion, accounting for 38% of the overall network. SushiSwap, Curve Finance, and Balancer are some of the other prominent protocols that run on Polygon. Polygon deployed fiat on-ramps with Alchemy Pay on a journey that brought in DeFi's first direct payments on Nov. 12.

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