On 10 November 2021, Izumi Finance, a ‘Liquidity as Service’ (LaaS) based firm, declares that it has so far raised a crowdfund of $2.1 million from various crypto firms.
This fund of $2.1 million according to Izumi Finance will be towards profuse research and developments to build up a standard and efficient Liquidity mining protocol.
Izumi Finance’s Plans
The Izumi Finance protocol is actually solely based upon the Uniswap V3. In addition, the main target of Izumi Finance is to establish a solid Finance platform that nullifies the hardships and negatives of pool 2 protocols.
Also, it actively aims to eradicate the inefficiencies upon the incentives.
Accordingly, the first round of funding involved numerous crypto firms such as Youbi Capital, ICG, Wolf Edge, Puzzle Ventures, Adaptive lab, LucidBlue Ventures, Everest Venture Groups, Tessa Ventures, and Mirana Ventures.
Moreover, the initial funding round was predominantly led by Mirana Ventures at first.
Furthermore, the plan according to Izumi Finance is to solve the issues of complex Liquidity pools upon the Uniswap V3. At present, the protocols regarding the Liquidity pooling offered in Uniswap V3 are quite similar to the previous generation of Uniswap V2.
The developments upon the present Liquidity pools are said to establish Uniswap V3 as highly efficient compared to that of Uniswap V2.
In addition to this, the main propaganda regarding the incentives will be nullified upon the development of the Liquidity pooling of Uniswap V3. In spite of this, many more Liquidity pooling-based incentives are said to be available for the end-users.
Views of the CEO
Accordingly, Jimmy Yin the CEO of izumi Finance terms that they are overwhelmed with such fundings.
Besides, the CEO terms that this will enable them to develop Liquidity pooling attributes upon Uniswap V3 such that different ranges of incentives will be available in different price ranges.
In addition, Yin states that they will soon be launching Non-Fungible Token (NFT) attributes based on Finance upon Uniswap V3. Also, they plan to establish the complete NFT Finance services upon various blockchains throughout the industry.