The DeFi sector is heating up following a series of bullish announcements from key industry players. MakiSwap is the latest DeFi project to showcase success, in the form of an oversubscribed funding round that saw them raise $1.4 million in seed and private funding.
The funding raised in this round will go towards continuing to develop and build MakiSwap’s automated market maker exchange and yield farming platform on Huobi Eco Chain (Heco). The round was led by Inclusion Capital, and Investorial support included Kenetic Capital, LD Capital, Polygon Network, as well as individual investment provided by the founder of Terra Virtue, Jawad Ashraf.
Founder of Unilayer and MakiSwap, Geo, commented on the partnership:
“We’re extremely excited to launch MakiSwap on Huobi Eco Chain and to the public, we do see a big potential for HECO to capture a lot of market share compared to other blockchains in the near future”
The latest announcement by the AMM and Yield Farming platform follows a recent snapshot announcement that outlined airdrop details, as well as revealing a second limited edition Unilayer NFT that will be released on May 2nd.
As a current AMM leader on Huobi Eco Chain, MakiSwap is one of several exchanges that Heco supports. With global interest in DeFi higher than ever, the Heco blockchain is looking outwards to expand their network and build a truly global DeFi community.
Jehan Chu, founder and managing partner of Kenetic, added:
“Makiswap is leading a new wave of Defi by empowering Huobi’s ECO chain community with key tools and infrastructure. We are excited to support Makiswap in helping to transform global finance through Defi.”
While DeFi as an industry is still growing, the volume of trading tokens and money locked in smart contracts in the ecosystem has been steadily increasing. The incipient industry is still in the early days of its existence, with infrastructure still being created. Nonetheless, the excitement from key industry players is palpable, and showcased by announcements such as MakiSwap’s, that showcase the development and support of this nascent industry.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.