To Build the First Cross-Chain DeFi Lease on Cosmos, Nolus Protocol Raises $2.5M at a $20M Valuation by@chainwire
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To Build the First Cross-Chain DeFi Lease on Cosmos, Nolus Protocol Raises $2.5M at a $20M Valuation
by ChainwireMay 3rd, 2023
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Nolus, an interoperable application on Cosmos, has secured $2.5 million in pre-seed and seed funding to tackle inefficiencies in DeFi money markets. Nolus DeFi Lease provides up to 150% financing on the initial investment with a lowered margin call risk and access to the underlying leveraged assets.
GEORGE TOWN, BVI, May 2nd, 2023/Chainwire/-- Nolus, an interoperable application on Cosmos, has secured $2.5 million in pre-seed and seed funding to tackle inefficiencies in DeFi money markets. The recently concluded $20 million valuation seed funding is backed by Dorahacks, Everstake, Cogitent Ventures, Token Metrics Ventures, and Autonomy Capital, among others, and will allow Nolus to fully complete the technological backbone and further expand the platform both within and outside the Cosmos ecosystem.
The Advisory Board members Zaki Manian, Strangelove, and Shane Molidor will ensure Nolus solidify its cross-chain presence. The novel DeFi Lease solution by Nolus unlocks the full potential of crypto money markets by reducing the industry's steep over-collateralization requirements, resulting in significantly improved capital efficiency and much more favorable lending options for users.
The Nolus DeFi Lease provides up to 150% financing on the initial investment with a lowered margin call risk and access to the underlying leveraged assets through whitelisted yield-bearing strategies.
With the added support of liquid staking derivatives, the Nolus protocol will create a cornerstone use case for LSDs for the Cosmos ecosystem in the form of self-repaying loans.
About Nolus
The Protocol utilizes a semi-permissioned PoS blockchain built using the Cosmos SDK and a WASM smart contract engine that executes in an isolated sandbox model focused on interoperability, security, and performance. Interoperability itself is at the core of Nolus' offering, as the Protocol utilizes IBC and Interchain Accounts to tap into a diverse set of liquidity hubs without creating fragmentation across chains. After months of testing, Nolus will open its public mainnet in May.
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