zkLend, a money market protocol being built on StarkNet, announced that it had raised $ 5 million in core funding led by Delphi Digital, anchored by StarkWare and Three Arrows Capital.
Produced on Starkware’s StarkNet, zkLend will be able to scale with a factor of 1-200 common Ethereum costs, while inheriting a high level of Ethereum security.
In building one of the basic primitives on StarkNet, the zkLend team will launch Artemis, their helpless lending offer, in the third quarter of 2022.
Artemis will enable DeFi users to borrow against their property in a cheap, efficient and secure way. Institutional and corporate users who need a solution compliant with KYC and AML will be able to use Apollo, an approved solution expected early next year.
Funds from this round will be directed to the launch of the above-mentioned Artemis and Apollo products, with the expansion of the team through technology, marketing and business development.
“Zk-Rollups are the ultimate solution for truly scaling Ethereum – where safety is guaranteed by math, not humans. Building our new generation of money market protocols on StarkNet means that we will inherit Ethereum’s security and decentralization while at the same time exploiting the enormous scalability potential of zk-Rollup. For the first time, this means that illegal and secure financial services that put the sovereignty of the individual in the first place are at your fingertips. Given the passionate StarkNet community, we are confident that this will be the future of L2. ” said Jane Ma, co-founder of zkLend.
The protocol will adopt an ouroboros model to encourage users to participate in targeted money market gatherings. Other prominent features provided by zkLend include bilateral borrowing and collateralisation factors, protocol-to-protocol lending, and variable liquidation fees.
ZEND, the source protocol token is the key axis of the protocol. Beneficiaries who invest in ZEND will be able to enjoy management, rate increase rewards and interest income claims earned by the rallies.
“ZkLend has two products to provide services to DeFi customers and institutional users on the white list, which serve as the basic lego of money in the zk-Rollup ecosystem of dapps and emerging customers,” commented Brian Fu, co-founder of zkLend.
Other investors in the initial round included Genesis Block Ventures, Alameda Research, CMS, MetaCartel DAO, DCVC, Amber Group, TPS Capital, Ascensive, D3Web Capital, 4RC and SkyVision Capital.