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KeeperDAO Raises Seven-Figure Seed Investment From Polychain, Three Arrows
The funding comes at a time when DeFi has seen an explosion in growth.
Crypto venture capital firm Polychain Capital and fund manager Three Arrows Capital have backed liquidity protocol KeeperDAO in a seed funding round announced Friday.
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- Polychain and Three Arrows were KeeperDAO's only investors in the round that raised a "seven-figure sum," KeeperDAO founding member Tiantian Kullander told CoinDesk.
- KeeperDAO is a decentralized finance (DeFi) protocol that lets participants in communal liquidity pools (known as keepers) participate in strategies involving margin trading and lending.
- Keeper pools are able to combine their capital into Ethereum's smart contracts and profit as a group from on-chain arbitrage and liquidation opportunities.
- Three Arrows Capital CEO Su Zhu said KeeperDAO would help to keep liquidations on Ethereum "efficient" while making sure participants "earn their keep."
- Going forward, KeeperDAO plans to issue its own governance token as a tool for balancing incentives between keepers and liquidity providers.
- Thanks to the project, DeFi protocols based on on margin and borrowing would be able to "lower collateralization levels over time,” according to Sherwin Dowlat, investments at Polychain.
- Three Arrows recently participated in a $3 million investment in Aave the firm behind the third-largest lending platform in DeFi.
See also: Three Arrows Capital Now Holds More Than 6% of Grayscale’s $3.6B Bitcoin Trust
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
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