On Tuesday, PSTAKE, a floating response protocol from a decentralized finance platform (DeFi), announced in a statement sent to the Cointelegraph that it has completed a $ 10 million round of strategic funding from venture capital firms. Tendermint, the main developer of the Cosmos Network, supports the blockchain through its consensus mechanism.
Accumulated liquidity is a practice where users “double” their cryptocurrencies, ie they allow them to participate in their cryptocurrencies in one pool and use their stacked assets to make money in a pool of liquidity providers, or vice versa. This process allows for a higher return on interest rates as the assets generate income in two pools instead of one, but it is also more risky as investors own layered derivatives from their own tokens.
Funding has been supported by several venture capital groups such as Three Arrows Capital, Sequoia Capital India, Galaxy Digital, DeFiance Capital, Coinbase Ventures, Tendermint Ventures, Kraken Ventures, Alameda Research, Sino Global Capital and Spartan Group. In addition, there are business angels such as Ajit Tripati, head of business development at Aave; Do Kwon, founder of Terra; He was also joined by Tasha Punyanaramitdi, co-founder of Alpha Finance.
Tushar Aggarwal, CEO and Founder of Persistence, said:
“PSTAKE has shown significant organic growth since its unlimited launch in September, and we are excited to continue on this upward trajectory.”
Shailesh Lakhani, CEO of Sequoia India, made the following comment regarding the development:
“The Sequoia India team is pleased to support them in developing a roadmap that will bring new benefits and a greater design of stacked resources.”