- Mechanism Capital is leading the $2 million in seed funding that DeFi.app has raised.
- The round puts HOME, DeFi.app’s unreleased token, at a fully diluted valuation of $100 million.
With a $100 million valuation, DeFi.app, which bills itself as “the Robinhood of decentralized finance (DeFi),” has secured $2 million in a seed investment round.
According to DeFi.app on Wednesday, Mechanism Capital led the round, which also included Selini Capital, North Rock Digital, and about 50 unnamed angel investors. Founder and chief creative officer Dan Greer said that DeFi.app, which was founded in 2023, ended last week after starting the fundraising process in the fall of this year.
Greer stated that the seed round was set up as a simple agreement for future tokens (SAFT) and that the post-round valuation of $100 million represents the fully diluted valuation of HOME, the native token of DeFi.app that has not yet launched.
Remarkably, DeFi.app only sold 2% of HOME’s whole inventory during this transaction, defying the industry norm of giving institutional investors a sizable portion. According to Greer, the goal of DeFi.app is to engage the community through public token sales, with intentions to distribute at least 20% of the token supply to the community. The dates of the public sale are still pending.
DeFi.app: What is it?
DeFi.app seeks to keep complete self-custody of cryptocurrency assets while streamlining DeFi trading. The “everything app” is easy to use, according to Greer.
The user experience needs to be improved tenfold for the market. DeFi is now finally available to everyone thanks to a real app—not just another Layer 2 or bridge.
Without paying gas costs or using bridges, users may purchase tokens on any blockchain, conduct “instant, one-click” cross-chain swaps, access decentralized derivatives markets, and take advantage of yield opportunities using DeFi.app, according to Greer. He said that the platform uses biometrics and passkeys for security, does not require know-your-customer (KYC) checks, and leverages “full-chain abstraction” to do away with gas fees.
Imagine DeFi meets Robinhood simplicity. We are enabling the 98% of people who are still reliant on centralized exchanges to access cryptocurrency.
Both centralized and decentralized trading platforms are targets for DeFi.app’s competition. Greer asserted that although centralized exchanges generate over $40 billion in income annually, they are associated with custodial risks, exorbitant fees, and a lack of transparency. While several DeFi apps, such Photon ($3 million/day), Pump.fun ($2 million/day), and Bonkbot ($1.4 million/day), have already attained considerable traction and are bringing in millions of dollars every day, Greer stated that DeFi.app hopes to surpass these figures after its introduction.
Timeline for launch
This month marks the launch of DeFi.app’s public beta, which will include a points tournament with an esports theme and prizes for winners. In the first or second quarter of next year, the HOME token will make its debut together with the mainnet launch.
According to Greer, the group also intends to conduct a token airdrop that is based on Hyperliquid’s recent achievements.
Greer intends to increase the DeFi.app staff next year in order to expand the platform, which now has 20 employees.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
