CRYPTO

Pontoon Finance raises 3.2 million with testnet version ready for launch


Blockchain is one of the advances we have seen in the last few decades and perhaps even in history. Bitcoin maker Satoshi Nakamoto created it to improve traditional cryptocurrencies and to remove middlemen from most transactions.

Based on an untrustworthy system where ‘mining’ proves transactions through a sensory system, Bitcoin revolutionizes the way we use and think about money. Since then many technologies have been created based on the anonymous Satoshi. Now, Bitcoin, Etherium, Binance and many more are now family names in many places.

The road to implementation is paved and the popularity of cryptocurrencies has allowed new developments inside and outside space. One such innovation is decentralized financing (DFI). As crypto has become increasingly popular, it has become very centralized with some of the big players having the most liquidity and market share. Rebellion against DeFi. Instead of relying on centralized exchanges, it returns power to individual users.

In place of these intermediaries, it uses a program called smart contracts to automate these transactions and ensure distrust.

The problem of decentralization

The problem with this decentralization is that it is fragmented. With new projects spreading everywhere, Diffie Space can sometimes feel like a hack-a-mole. Less barriers to entry mean that anyone can create a project in any blockchain, and with such an abundance of native preferences in multiple chains, liquidity becomes a problem.

In order to test its offers to constantly transfer the number of users to crypto, you would think that liquidity would be a prior decision. However, the popularity of special centralized exchanges means that they usually get the lion’s share of new traffic and DFI is in short supply.

The liquidity problem is now slowly becoming more apparent. The problem is not that there is not enough liquidity but the liquidity is not distributed efficiently. Some platforms have enough and some are constantly struggling to keep their heads above water.

Successful fundraising of 3.2 million

Pontoon Finance’s Liquidity Mirroring Protocol addresses the liquidity isolation problem that prevents DFI from being widely adopted. To provide a more advanced user experience, Pontoon Finance is working towards bringing cross-chain liquidity mirroring with a trusted bridge to make it easier for users to transact seamlessly across different chains. It aims to facilitate user interaction with DFI applications and various blockchain networks. Through decentralized relay networks, it aims to make transactions affordable and trustworthy.

Names like Amisten Capital, X21, Morning Star Ventures, Black Edge Capital, Dropper Dragon Funds, X Network and Genblock are among the few who have thrown their support behind the multichain liquidity project, Pontoon. That support has been backed by প 3.2 million in capital as Pontoon continues its vision of making multichain liquidity a reality.

In addition, they have received support in the form of advisors such as Rabindra Kumar, co-founder of Frontier Wallet, Sandeep Nilewal, co-founder of the popular Polygon Network, Joel John of Laser Prime and others.

Improved roadmap with motivated testnet and upcoming IDO

So far the pontoon is still in its infancy. It is currently working towards auditing its smart contract code and building strategic partnerships with trusted projects in space. Currently, it has a ready-to-use testnet ready to come out soon and has finalized the decision to manage IDOs in the cross-chain tool suite, Hot Cross.

Most important for a successful testnet startup and showing a functional prototype of your product can boost investor confidence to attract more investment and strengthen your project. The project will soon announce its white paper on its social channel. If the IDO is successful, it can disrupt the investments already received, bringing the project goals closer to the end.



Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button