The team behind Archimedes, an innovative new DeFi lending and borrowing marketplace launching in February 2023, has secured another round of funding. Lending and borrowing is considered one of the safest and more passive forms of DeFi investing, where crypto holders can supply & borrow assets to earn a yield. However, Archimedes throws an extra screw into the equation which multiplies a user's original yield opportunity – leverage.
Archimedes is a one-of-a-kind lending and borrowing marketplace that utilizes NFTs and industry best practices, in an easy to use, interoperable, and efficient DeFi experience. Leverage takers that use Archimedes are sent an NFT which represents a yield-generating stablecoin position that has been leveraged at up to 10 times the principal collateral amount. This is not your average jpeg.
Archimedes Fundraising Update
For crafting this unique approach of DeFi and NFT utility, the Archimedes team has raised a total of $7.3M pre-launch fundraising from some of crypto’s most prominent VCs.
Most recently, Archimedes concluded a seed funding round, led by Hack VC. The round totaled $4.9M of fundraising from various backers including: Uncorrelated Venture, Psalion, Truffle Ventures, Cogitent Ventures, Haven VC, Palsar and others.
Prior to this raise, Archimedes had a pre-seed funding round, which raised $2.4M.
Archimedes’ innovative new take on DeFi’s existing lending and borrowing marketplaces was built around the idea of helping on-ramp users to blue-chip DeFi opportunities. Furthermore, while bringing a novel approach to deliver sustainable opportunities in DeFi, the platform also boasts of a simple to use and transparent experience that removes a lot of the complexities and risks that users face when entering a position in DeFi.
The mission of Archimedes is to help make capital efficient DeFi opportunities more accessible, and to become the go-to place for technical and non-technical users seeking high quality lending, borrowing, and leverage solutions. To accomplish this mission, the team relies heavily on some of DeFi’s core components: interoperability and transparency. Archimedes is open source and proud to “build in public”. Additionally, Archimedes only uses what the core team considers to be blue chip tokens that have proven themselves. To learn more about Archimedes visit the official Archimedes website at https://archimedesfi.com/, join the Discord and follow on Twitter.
Archimedes is building a leading lending/borrowing market on top of any AMM. In essence, the project’s vision is to create a sustainable, long-term, and accessible set of opportunities within DeFi for billions of people through an innovative and scalable technology solution. By solving the pool reward sustainability issue, offering up to 10x leverage for yield-generating stablecoins, and increasing capital efficiency, Archimedes is supercharging stablecoin assets and making it easier for investors to generate top of market APYs without any of the pool hopping or portfolio management and capital deployment overheads currently faced by DeFi investors. Learn more about the project at https://archimedesfi.com/.
Source: Throne PR
Release ID: 511961
Original Source of the original story >> Archimedes Closes $4.9M Seed Round led by Hack VC