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Venture capitalists and the general public have contributed $12 million to DeFi protocol Aurigami. According to DeFi Llama, Aurigami is the current second-largest lending program on Aurora by TVL. Aurigami, a Decentralized Finance (DeFi), protocol that is based on the Aurora network has raised $12 Million in token rounds.

Aurigami shared the news exclusively to The Block on Thursday. He said that $9.5 million was raised through a private token sale and $2.5 million through an initial exchange offer (IEO), on KuCoin and Bybit. The private token sale was closed in February, and the IEO in April.

The private token round was led by Crypto Venture Capital firms Dragonfly Capital, Polychain Capital and Jump Crypto. Alameda Research and Coinbase Ventures were also investors.

Angel investors included Aurora CEO Alex Shevchenko and Etherscan CEO Matthew Tan. Also, ParaFi partner Santiago Santos, CoinGecko cofounders Bobby Ong, and TM Lee participated.

Aurigami’s native token, PLY, was purchased by investors. According to CoinGecko, it is currently trading around $0.001. This is 95% lower than its all-time high at $0.022.

Aurigami was created earlier in the year. It is a lending/borrowing protocol on Aurora, which is a subnet in the NEAR blockchain. According to data from Llama, Aurigami is the second-largest lending protocol on Aurora after Bastion. The current total value of Aurigami (TVL) is over $20 million. Bastion’s TVL is over $130 million.

EY Tan, Aurigami’s co-founder, told The Block that there are two main goals for the project. The first is to make NEAR’s native stablecoin USN a borrowable asset. The second is to support cross-chain lending.

Tan said that Aurigami plans to increase its 10-member team and expand its ecosystem with fresh capital. Currently, the project hires developers.

The post Second Largest DeFi Lender on Aurora Raises $12 Million – Aurigami first appeared on The Daily Encrypt.


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Angie Byrd