Affine Raised $5.1 Million

Published on: 27.02.2023
Affine Raised $5.1M Seed Round

Affine Raised $5.1 Million led by Hack VC and Jump Crypto, with participation from Coinbase Ventures, Circle Ventures, Propel VC, Spartan Capital, Global Founders Capital, FJ Labs, Shima Capital, Eniac, AlphaLab, Genesis Block, & Dexterity.

This brings its total funding to date to $6.9M and enables them to empower its users around the world to fight inflation by growing its assets, powered by DeFi with real yield. Affine is currently live on Polygon and Ethereum, with 2M+ USD TVL, and helping users earn ~10% real yield.

Affine’s Platform Goal

In this world, Affine aims to be the trusted protocol for its users to earn yield that is fundamentally different from opacity and at times outright fraud. Affine saw from companies like FTX, BlockFi, 3AC, or Celsius during the last cycle. The platform believes in that a truly decentralized product can be an antidote to the travails of this last cycle and is building from the original ethos of blockchain. One where a decentralized and trustless system can help shine a light on how things work so that all can benefit.

Paired with the broader macroeconomic downturn, this crypto winter has led to increased scarcity of real yield in the space. Simply put, when the US Treasuries were yielding nearly 0%, the value of DeFi, earning 5–6% on money market products such as AAVE or compound was exciting.

However, with Treasury Bills now at ~5%, real DeFi yield began to dry up. In that environment, Affine had to venture into finding novel DeFi strategies such as providing structured liquidity into decentralized exchanges, where real yield is still being generated.

To that end, Affine has created several diversified baskets, that allow our users to participate in this crypto-economy, powered by DeFi, earning yield that is beyond what they can earn in the traditional financial system more transparently.

Diversified, Cross-Chain Baskets

In addition to providing a novel way for any user to generate sustainable yield by providing liquidity to DEXs, Affine also incorporates diversification directly into the protocol. Affine “Baskets” are combinations of one or more “strategies” that can range from simple token holdings (eg. holding wETH) to lending on money-market protocols like Aave and Compound, to more complex and sophisticated strategies like the liquidity providing

ABOUT Affine

Affine is the world’s first cross-chain investment and savings app. The platform make it simple for users to onboard funds efficiently and affordably using Polygon while gaining access to investment opportunities on multiple chains.

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