Backd raises $3.5 million
Today we are excited to announce that Backd has secured over $3.5 million in our latest funding round led by Advanced Blockchain AG and participants including Spartan Group, Maven 11 Capital, Struck Crypto, Apollo Capital, and Divergence Ventures. The round fosters key support for Backd and marks an important milestone for bringing reactive liquidity to DeFi.
Bringing reactive liquidity to DeFi
On March 16, 2022 Backd Phase I went live on mainnet with the release of its yield aggregating liquidity pools. Backd liquidity pools are the foundation of the Backd protocol. Allowing anyone to deploy their funds to earn yield via Backd strategies. Since initial deployment pool deposits have been capped as we secure the protocol through the completion of additional audits.
Currently, liquidity pools in DeFi are static (can only serve one utility at a time) and Backd’s reactive liquidity is here to change that. Reactive liquidity brings layers of efficiency and utility to DeFi by allowing users to always be earning yield until their funds are more efficient elsewhere.
The launch of Backd’s first Action (top-ups) enables LPs to earn yield while protecting their loan(s) from liquidation on protocols such as Aave and Compound. This is a mere example of the future of the reactive liquidity ecosystem that we envision. The efficiency and utility of reactive liquidity is, in principal, designed to compound over time along with the development of DeFi. There is no limit to how many Actions Backd can support.
Governance is an imperative part of the future of Backd. Enabling the community to propose and vote on new Actions, strategies, and general protocol updates. The Backd governance token will soon be launched enabling the following protocol participants to receive a share of token emissions:
- AMM LPs
In addition to governance, token holders will be eligible to earn a portion of protocol fees.
Along with the announcement of our latest funding round we also want to acknowledge the Backd community. We believe reactive liquidity is a very important development for the future of DeFi and our vision is one in which the community leads the way.
Since initial deployment we have continued to receive support and contributions from the community. As the final phases of Backd’s launch are completed more opportunities for contributions will become available. Including strategies, Action proposals, keeper operation, and more general contributions which can be found here. Additionally, with the finalization of our latest funding round we are also looking to expand the core Backd team. Check out our careers page for more information.