Fixed-rate lending protocol startup Element Finance has raised $4.4 million in new funding.
Andreessen Horowitz and Placeholder led the seed round, accompanied by SV Angel, A.Capital, Scalar Capital and Robot Ventures, according to a funding announcement.
The protocol touts fixed-rate yields for decentralized finance (DeFi) users, a process that enables users to purchase bitcoin, ether and USDC at a discount without locking buyers into a fixed term. This then allows them to swap between assets at any time.
Interest rates in most DeFi markets move by demand, meaning a user can borrow an asset at a rate that could radically change over the time they’re holding it. Fixed-rate protocols like Element mitigate this by trading underlying assets at a discount until they mature.
Yield was the first to do this with fyDai, or fixed yield Dai. Element achieves this in a similar way by splitting the base asset into two tokens: the principal token and the yield token. Users can sell their pr
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