SINGAPORE, June 22, 2021 — Leading non-fungible token (NFT) ecosystem developer Enjin has invested in Unbound Finance to increase liquidity on Efinity, Enjin’s upcoming NFT parachain built on Polkadot.
The move comes after Unbound recently announced a $5.8M investment round from Pantera Capital and Michael Arrington, founder of TechCrunch, among a host of other leading venture capital firms.
“Unbound is exploring an innovative new form of lending that allows yield farmers to convert their collateral into UND, which they will be able to spend on Efinity. …
We are pleased to announce that Unbound Finance has secured $ 5.8 million in investment from leading crypto investors, including Pantera Capital and Arrington XRP Capital, to support the firm and become the first ever decentralized cross-chain stablecoin.
Unbound is aiming to create capital efficient products that are both native and composable to the DeFi ecosystem. The liquidation-free collateralization platform allows users to borrow interest free loans against liquidity pool tokens as collateral. Through strategic partnerships, the project is building native bridges to allow cross chain transfers of its stablecoin and other synthetic assets.
“AMMs are DeFi’s Zero to One…
Unbound is a Decentralized Liquidity Protocol that is building the derivative layer of Automated Market Makers (AMMs). Automatic Market Makers are the new age DEXs that use arbitrages as the way to value discovery. At present, there is close to $10 billion locked in decentralized exchanges with a traded volume of more than 2 billion daily volume, and this amount is growing rapidly.
The intent of Unbound is to build products that are both native and composable to the DeFi ecosystem. These include
Debt and Liquidation Free Liquidity | The Defi Treasury For LPTs | A Derivative Layer For AMM | $UNB $UND