88X Finance Admitted Into Axelar’s $60 Million Ecosystem Fund

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88X Finance, the cross-chain yield aggre­ga­tor, has gained admis­sion into a start­up fund cre­at­ed by Axe­lar. The aggregator’s approval comes about six months after its began devel­op­ment. 88X is now set to ben­e­fit from the Axe­lar Ecosys­tem Start­up Fund­ing Scheme, a $60 mil­lion fund­ing pro­gram for new Web3 projects build­ing on the pro­to­col. Their prod­uct launch is sched­uled for the sec­ond quar­ter of 2023, and they plan to show­case their MVP in Q1. The MVP sup­ports five dif­fer­ent blockchains and five DeFi protocols.

The Axelar Ecosystem Startup Funding and how 88X Finance fits in it

In mid-Decem­ber 2022, the Axe­lar Ecosys­tem Start­up Fund­ing pro­gram was launched with the inten­tion of fos­ter­ing a com­mu­ni­ty of devel­op­ers work­ing on Web3 prod­ucts that com­pete with the tra­di­tion­al web. Axe­lar and a con­sor­tium of 15 blockchain investors are back­ing the start­up invest­ment ini­tia­tive, and they are on a mis­sion to speed up the devel­op­ment of Web3 pro­to­cols across dif­fer­ent spec­trums of functionalities.

In Axe­lar, devel­op­ers lever­age the pow­er of the inter­chain developer’s per­mis­sion­less com­pos­abil­i­ty. To achieve wide­spread use, their prod­ucts must be com­pat­i­ble with sev­er­al blockchain net­works. 88X Finan­nce plans to auto­mate vault oper­a­tions and offer port­fo­lio diver­si­fi­ca­tion via pre-defined invest­ment strate­gies that oper­ate on mul­ti­ple blockchains.

With the help of smart con­tracts, yield aggre­ga­tors can auto­mat­i­cal­ly invest cryp­to funds in high-yield­ing prod­ucts. To get the best pos­si­ble return, they use a num­ber of smart con­tract strate­gies across a com­bi­na­tion of pro­to­cols. To mit­i­gate the effects of mar­ket volatil­i­ty, investors can diver­si­fy their port­fo­lios among var­i­ous blockchain net­works, each of which offers the oppor­tu­ni­ty for a pos­i­tive ROI.

88X Finance offers high diver­si­fi­ca­tion and auto­mat­ed vault strate­gies, which the com­pa­ny says are free from cross-chain risks. Users can take advan­tage of oppor­tu­ni­ties for yield farm­ing across mul­ti­ple blockchain net­works with­out hav­ing to trans­fer between wal­lets, all from a uni­fied inter­face. Users oper­ate in an ecosys­tem of inter­op­er­a­ble cross-chain DeFi vaults, where they can stake their assets and earn returns based on pre­de­ter­mined invest­ment strategies.

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