Burrow Raises $5M From Dragonfly, ParaFi, And Jump
Burrow, the first decentralized money market on NEAR Protocol, has successfully raised $5M prior to mainnet launch. Investors include Dragonfly Capital, ParaFi Capital, Jump Crypto, Lemniscap, Mentha Partners, Warburg Serres Investments, QCP Capital, DeFi Capital, D1 Ventures, GFS Ventures, SevenX Ventures, IOSG Ventures, Kronos Research, Move Capital, and Metaweb Ventures. Burrow’s investor network will not only bootstrap its initial liquidity, but also share their expertise to build a stronger DeFi ecosystem on NEAR.
On Burrow, users can deposit base layer assets such as NEAR, DAI, USDT, USDC, ETH, and wBTC to yield interest, as well as borrow against them at customizable rates. On top of this, users can unlock yield staking and self-repaying loans from interest-bearing assets such as stNEAR, as well as stETH, stSOL, and stFTM in the near future.
With the launch, Burow will be distributing liquidity incentives of up to 6% of its total token supply. In the second month, it will launch a staking program that adopts a veToken (voting escrow token) design, where users can stake the native token BRRR to receive xBRRR, with which they can vote on DAO governance proposals. Additionally, xBRRR staking will benefit users with boosted rewards for supplying assets.
“The liquidity layer Burrow provides will be a critical component in NEAR’s DeFi landscape. Moreover, Burrow will realize DeFi composability on NEAR, for instance, by utilizing stNEAR from Metapool as collateral and providing yield, and then building leveraged positions on Ref Finance (AMM DEX). Burrow is the right product at the right place and right time.”— Kendall Cole, the co-founder of Proximity Labs
Built on NEAR’s native runtime, Burrow will leverage its near-zero transaction costs, fast finality (1–2 seconds), and interoperable infrastructure, to bring DeFi to underserved users everywhere.
ABOUT Burrow
Burrow is a decentralized, non-custodial pool-based interest rates platform that enables users to supply assets to earn interest, and to borrow against them to unlock liquidity. Burrow is similar in nature to Aave, Compound, and other pool-based protocols.
RESOURCES
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