DeFi
Quasar Finance, a decentralized asset administration protocol primarily based on the Cosmos blockchain ecosystem, began its mainnet with the intention of serving to buyers handle their digital property throughout a number of blockchains.
The transfer comes after Quasar raised $5.4 million in a funding spherical led by Shima Capital earlier this 12 months at a $70 million valuation, bringing the whole fund raised to over $11.5 million, the protocol mentioned in a press launch on Thursday.
Quasar mentioned it goals to turn into the main decentralized asset administration platform by enabling connectivity amongst blockchains by way of Inter-Blockchain Communication Protocol (IBC). “Powered by IBC-enabled good contracts, Quasar’s aim is to empower buyers with easy accessibility to the rising interchain panorama of quite a few particular person blockchains, inside the Cosmos ecosystem and past,” the press launch mentioned.
Within the wake of the spectacular failure of centralized exchanges similar to FTX, each crypto natives and buyers have elevated their give attention to decentralized finance (DeFi) and safety. Quasar is aiming to deal with these points by making a devoted layer 1 protocol that may enable buyers to deposit funds into permissionless, non-custodial funding autos often known as “vaults,” which can be optimized to work throughout a number of blockchains, the press launch mentioned.
The system can be designed to remove the necessity for cross-chain bridges, which have confirmed to be dangerous for DeFi buyers, leading to over $2 billion in losses in 2022 alone.
By giving buyers entry to the growing interchain panorama of unbiased and interoperable blockchains, each inside and out of doors the Cosmos ecosystem, Quasar hopes to permit buyers to have higher management over their investments.
“Quasar’s mainnet launch is anticipated to draw extra liquidity suppliers and strategists trying to crowdsource interchain capital, whereas offering extra yield alternatives for particular person LPs,” mentioned Valentin Pletnev, lead and co-founder of Quasar Finance, in a press release.
