The round was led by crypto investment firm Mirana Ventures, with Everest Ventures Group, Youbi Capital, LucidBlue Ventures and a selection of other leading backers providing funds for the start-up in its fundraising efforts.
The Izumi protocol aims to work with UniSwap to solve a key issue hampering liquidity pools on its V3 iteration. pain point introduced with Uniswap V3 by “further innovating liquidity mining initiatives” over previously used pools on UniSwap V2.
To combat this, the protocol is able to provide ‘diverse’ liquidity incentives to specific price ranges of a Uniswap V3 pool – essentially meaning that Uniswap can ‘effectively fine-tune their rewards’ for users and attract more capital to the platform.
This inevitably means that projects will have more concentrated liquidity and higher capital efficiency when utilising the liquidity mining program on Izumi.
Jimmy Yin, Founder of Izumi Finance, spoke positively about the deployment of the protocol on Uniswap.
“We are excited to build Uniswap V3 LP Staking protocols to provide non-homogenous incentives in different price ranges,” he said.
“With Izumi, Uniswap V3 will become strong competitors with Curve in the stablecoin trading market and attract more potential projects who previously planned to launch farming pools in SushiSwap.
“We are going to unleash the potential of financial NFTs in Uniswap V3 and extend service to the multi-chain world in the future.”
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.