Tapio Raises $4M in Seed Round
Tapio raises $4M, led by Polychain, Hypersphere, and Arrington, bringing a unified liquidity standard to Polkadot. The Tapio team has been building DeFi protocols on Ethereum since early 2018 and has evaluated different non-EVM networks throughout our building journey.
Tapio is an advocate of Polkadot’s shared security model, Substrate framework, appchain capability, and parachain slot auction mechanism. Despite the innovation, they anticipate a thriving Polkadot ecosystem challenge due to liquidity fragmentation cause by derivative tokens.
The platform finds derivative tokens proliferating on networks with prevalent DeFi use cases. Using Ethereum for example, there are numerous formats of ETH from lending, staking, and yield aggregation applications (for example, ETH, cETH, stETH, rETH, etc.). They envisioned a magnified situation would occur on Polkadot given the two major use cases for DOT are staking and crowd loans.
Tapio Protocol was built with one goal in mind, and that is to make staking and crowd loan DOT derivatives more usable for all parachains and dApps on Polkadot. They accomplish this by unifying different formats of DOT derivatives into a single highly usable synthetic asset, tDOT.
Furthermore, tDOT empowers by the Stable Asset system and gets support from a highly efficient stable swap liquidity pool composes of native DOT and DOT derivatives. tDOT is currently live on Acala where we launched first, and the asset demonstrates numerous sustainable benefits for parachains, dApp builders, DOT holders, and traders.
Tapio Protocol introduces a unified liquidity standard for staking and crowdloan derivatives. Its designs with the intention of being truly complementary and composable with parachains. Its approach and solution will play an integral part in realizing a highly secure and frictionless multichain vision set out by Polkadot. Users can start using tDOT today in the Acala App, or follow its guide on how to start it.
THE TAPIO FUNDRAISING
To realize this vision, Tapio Protocol is excited to announce that the platform has raised $4M in seed round funding. The event was led by Polychain, Hypersphere, and Arrington. Along with Spartan, are LongHash, 0xVentures, CMS, D1 Ventures, and 11–11 DG Partners. Also part of the events is Genblock, Valhalla, PAKA, Double Peak, Illusionist Group— and a number of incredible angel investors.
ABOUT Tapio Protocol
Tapio is a synthetic asset protocol enabling efficient liquidity for staking and crowdloan derivatives. Its design removes liquidity silos by synthesizing different formats of derivatives into a highly usable synthetic asset on Polkadot.
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