Interoperable Cosmos application Nolus has raised $2.5m in seed funding to develop its DeFi money market solution. The seed funding, given a $20m valuation, was provided by investors including Autonomy Capital, Cogitent Ventures, Dorahacks, Everstake, and Token Metrics Ventures. Nolus aims to revolutionise capital efficiency in the cryptocurrency markets by reducing over-collateralisation requirements. Its DeFi Lease service offers up to 150% financing on initial investments, access to the underlying leveraged assets, and lower margin call risks. The platform is also set to utilise liquid staking derivatives in the form of self-repaying loans.
Nolus will open its public mainnet in May, after months of testing. Nolus aims to offer a lending platform for borrowers seeking lower risk loans that amplify their existing holdings, and for lenders looking to gain yield on deposited stablecoins. Its decentralised and semi-permissioned proof-of-stake blockchain is built with the Cosmos SDK and WASM smart contract engine, enabling interoperability through IBC and Interchain Accounts.
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