DeFi's Estonian platform, Minterest, has raised $6.5 million
Minterest aims to funnel all fees, interest, and revenue back into the protocol for its users.
Decentralized funding protocol Minterest has just secured $6.5 million in funding for the long-term revenue optimization platform.
A number of venture capital firms participated in the private fundraising round, including KR1, DigiStrats, Bitscale Capital, PNYX Ventures, CMT Digital and others.
The Estonian team intends to use the funds to develop a lending and borrowing protocol that it claims is "designed to make DeFi fairer to users." Minterest uses a buyback mechanism that captures value and transfers all revenue generated by the platform to its community.
A number of venture capital firms participated in the private fundraising round, including KR1, DigiStrats, Bitscale Capital, PNYX Ventures, CMT Digital and others.
The Estonian team intends to use the funds to develop a lending and borrowing protocol that it claims is "designed to make DeFi fairer to users." Minterest uses a buyback mechanism that captures value and transfers all revenue generated by the platform to its community.
DeFi's Estonian platform, Minterest, has raised $6.5 million
It automates the liquidation process, allowing commissions and interest to be paid back to its users. Some DeFi protocols generate revenue by allowing a small number of users to redeem secured positions at a market discount.
Minterest will use any operating surplus to automatically purchase its own MNT token, which will then be distributed to users. In this way, the earnings the user receives are supplemented by some of the rewards and revenues of the protocol, providing potentially higher long-term returns. The protocol was designed to work with "flywheel tokenomics," which means that the value received is fed back into the system to create more value.
Minterest founder and CEO, Josh Rogers explained that this new DeFi project creates value for the entire user ecosystem, not just a few, adding:
"Through their interactions, users create value on the platform, making their participation fair and useful. Without community, any protocol would be obsolete, and our model puts our community at the center of the value creation cycle."
He added that the protocol will be "vetted by reputable auditors," but did not specify a launch date.
"Through their interactions, users create value on the platform, making their participation fair and useful. Without community, any protocol would be obsolete, and our model puts our community at the center of the value creation cycle."
He added that the protocol will be "vetted by reputable auditors," but did not specify a launch date.
The new protocol has the same name as the Singapore Digital Investment Platform, founded in 2017. The Southeast Asian ministry has traditionally focused on finance with a mission to offer clients access to alternative investments and diversified investment opportunities.
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