Everlend, a decentralised, meta lending protocol with inbuilt money market and a yield/loan aggregator, announced on Thursday, August 18, that it has raised $2.6M (approximately €2.59M) in a strategic round of funding.
The investors include GSR, Serum Foundation, Everstake Capital, Portico VC, and several angel investors. The funding comes after Everlend raised a bootstrap Seed round in October last year.
Everlend says the proceeds from this round will help it to accelerate product development and expansion in general. Also, a part of the funds will go toward the Safety Fund, an insurance pool that will be used to compensate Everlend customers in the event that the underlying money markets default or are compromised.
What is Everlend?
Founded in 2021, Everlend is a decentralised lending and borrowing aggregator that is integrated with all major money markets on Solana, a crypto startup that builds and develops crypto apps for decentralised apps and marketplaces.
The company claims to continuously offer the highest yield on deposits and the lowest interest rate on loans. As market conditions change, Everlend uses automatic rebalancing and refinancing mechanisms to automatically move deposits and/or loans to ensure the “best” performance for the user’s position.
Vit, one of the Everlend co-founders, says, “Loan management is a feature that got us excited about building Everlend in the first place. Since nobody has effectively done this before, it could be challenging at times but that’s the most fun part.”
The team believes that in the current market situation a product, which makes the overall DeFi experience more secure, accessible and convenient for the average user is more needed than ever.
In May, Everlend was launched on mainnet and currently supports 10 assets and 3 money markets. A blockchain that has undergone extensive testing, development, and deployment, and is currently operating its own network using its own technology and protocol is referred to as mainnet. As a result, every transaction is broadcast, confirmed, and stored on a digital public ledger (blockchain).
Last month, the company implemented the Liquidity Mining Module, which allows its users to track and claim their liquidity mining rewards collected from the supported protocols. Prior to that, in July, the company also announced that a security audit by Kudelski, a provider of cyber security solutions, of Everlends smart contracts was completed successfully.
In the coming weeks, users of Everlend can expect the integration of services like wallet-to-wallet communications and alerts through Dialect or Jupiter’s In-App Swaps.
“Our plans to slowly transition Everlend into a community-led DAO has not changed at all. Together with several community members, our team is currently exploring various use cases and types of utility for NFTs. As long as Everlends TGE hasn’t been conducted, those NFTs could be used for decision making and holders would also be able to cast their vote on other protocol-related proposals,” mentions Everlend in a Medium post.