In Brief:
- DEX Osmosis has raised $21M in a token sale led by VC fund Paradigm
- The funding will help the Osmosis Foundation grow the Osmosis Protocol
A Cosmos based Decentralized exchange Osmosis has raised $21M in a token sale.
According to the announcement the round was led by Paradigm with various participation like Robert Ventures, Nascent, Ethereal, Figment, and Terraform Labs.
The funding will help the Osmosis Foundation grow the Osmosis Protocol. The company allows users to compound yield by leveraging Osmosis’ novel innovation called “Superfluid Staking.”
“Osmosis is our first AMM investment outside of the Ethereum ecosystem. The Osmosis contributors are a world-class team of engineers, product innovators, and operators bringing the right product to market at exactly the right time,” said Charlie Noyes, investment partner at Paradigm said in a statement. “Osmosis is the natural center of gravity for liquidity in Cosmos emerging Defi ecosystem.”
Superfluid Staking eliminates the tradeoff between token holder yield and network security. Superfluid staking, LPs can stake their LP tokens on Osmosis, earning pro rata staking reward in OSMO. This provides token holders the ability to compound stakings and liquidity yields – while the network suffers no reduction in security.
Osmosis ranks #1 among Cosmos inter-blockchain Communication(IBC)- enabled chain by number of IBC transactions. It also runs as an application-specific chain (“appchain”) which gives the flexibility for defi innovations and is not possible on shared virtual machines.
