Cardano DeFi comes closer to reality. The company announced that it successfully raised $ 5 million ahead of its initial offer.
deFIRE is a Cardano-based intelligent order routing platform. The company announced that it successfully raised $ 5 million before its initial DEX (IDO) offering on Thursday, according to a press release shared with CryptoSlate.
This round of venture capital financing included large participants from legacy and specific crypto companies. Great interest in this early stage of development bodes well for deFIRE and Cardano.
“The new capital injection was led by industry heavyweights such as 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
It will be the first fiat on-ramp and swap solution for native Cardano tokens, allowing token holders to exchange one Cardano token for another directly.
THE deFIRE platform provides execution services on decentralized exchanges for token exchanges, order routing services between DEXs and intermediary services between portfolios and DEXs.
It distinguishes itself by offering a decentralized, low-latency router service and is capable of handling institutional order flow originators and standard demands of retail merchants.
deFIRE is one of the first projects incubated in the Occam Razor launchpad solution. Mark Berger, president of the Occam Association, expects massive flows of liquidity to Cardano as soon as Alonzo goes into operation.
As for the challenge ahead, Berger said that the team “Rockstar”From deFIRE adequately designed and executed the project to handle the expected order flows in a manner with no confidence. He added that the competition does not come close.
“We accepted this challenge by bringing together a rockstar technology team that built its name on the Cardano ecosystem and Changelly’s extensive business network, other resources to build the first Cardano execution infrastructure. Led by the best team and powered by the native CWAP token, deFIRE is light years ahead of the competition. “
The deFIRE token will make its debut through an IDO carried out on the Occam Razer platform on a date to be announced.
A look into the future of deFIRE
The $ 5 million pre-IDO financing will be used to leverage symbolic liquidity during this early stage of development, build community support and test price discovery.
Following IDO, deFIRE intends to develop the decentralized governance of its ecosystem through the implementation of an Autonomous Decentralized Organization (DAO).
DAOs are open source, regardless of their creator or any other party, which executes orders for the improvement and sustainability of the associated ecosystem. Its protocols are determined by consensus of the interested parties. This mechanism usually operates through a token system to avoid spam proposals and to discourage malicious people.
Much is expected of deFIRE, even during these early stages. But with pre-IDO funds in hand, the team can now focus better on meeting expectations.