Cardano DeFi moves closer to reality with $5M deFIRE fundraiser |
The future of decentralized finance is looking increasingly bright. According to the Cardano Foundation, the Cardano community raised over $5 million dollars from its deFi fundraising campaign.
The Cardano Foundation announced plans to launch an initial $5M fundraiser targeting non-technical users, in a bid to help drive the adoption of its protocol. The plan is to allocate 10% of the funds raised to community-led proposals to further develop the Cardano ecosystem. This will come in the form of a flexible fund that will be administered by the Cardano Foundation and their partners.
deFIRE is an intelligent order routing platform based on Cardano. The company announced that it had successfully raised $5 million ahead of Thursday’s IPO on DEX (IDO), according to a press release from .
Key players from traditional and cryptocurrency companies participated in this venture funding round. The high level of interest at this early stage of development bodes well for the success of theFIRE and Cardano.
The injection of new capital was led by industry heavyweights including Morningstar, Cryptodromfund, SwissBorg Ventures, Lotus Capital, MoonWahle, Hype Partners, Axia8 Ventures, Newtribe Capital, GenBlock, Sheesha Finance, IBA, Exnetwork, Nodeseeds and CoinsGroup.
DeFi on Cardano approaching
This will be the first fiat solution for native Cardano tokens, allowing token holders to instantly exchange one Cardano token for another.
The deFIRE platform provides execution services on decentralized token exchanges, order routing services to DEX, and intermediation services between portfolios and DEX.
The company is unique in that it offers a decentralized order routing service with low latency and is able to accommodate institutional order flow organizers and standard retail traders.
deFIRE is one of the first projects to be incubated within the OccamRazor Launchpad solution. Mark Berger, president of the Occam Association, predicts that huge cash flows will flow to Cardano once Alonzo is up and running.
As for future challenges, Berger said the deFIRE Rockstar team planned and executed the project appropriately to ensure that the expected order flow would be reliably handled. He added that competitors are far from keeping up.
We are addressing this challenge by bringing together a team of technical experts with a proven track record in the Cardano ecosystem and a broad business network with Changelly’s other resources to create the first optimal execution infrastructure for Cardano. Led by the best team and based on the native CWAP token, theFIRE is years ahead of the competition.
The deFIRE token will debut at IDO on the OccamRazer platform on a date to be announced.
A look into the future ofFIRE
The $5 million in pre-IDO funding will be used to increase the liquidity of the startup tokens, build community support and test pricing.
Like IDO, deFIRE plans to decentralize the management of its ecosystem by creating a decentralized autonomous organization (DAO).
DAOs are open source code that performs missions to improve and sustain the ecosystem in question, independent of the creator or any other party. Its protocols shall be established by consensus between the parties concerned. This mechanism usually works through a token system to prevent spam offers and discourage bad players.
Much is expected of theFIRE, even at this early stage. But with the receipt of Pre-IDO funds, the team can now better focus on meeting expectations.
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