Solana-Based DeFi Cyclos Secures $2.1 Mln in Funding to Build Novel AMM
Amidst developing euphoria around "Ethereum killer" Solana (SOL), its infrastructure is gaining steam. Cyclos DEX completes strategic funding round with top VCs on board.
Cyclos completes $2.1 million fundraising round with CMS Holdings, Huobi, Solana Capital
According to a press release shared with U.Today, Cyclos, a new Solana-based decentralized cryptocurrency platform with an automated market-making engine, secures $2.1 million combined in private and public sales.
A clutch of top-tier blockchain-focused venture capitalists, including the likes of CMS Holdings, Hashkey, Solana Capital, Huobi Ventures, Coin98 Ventures, MXC, Gate.io, Skyvision Capital, Petrock Capital, Illusionist Group, Cryptomeria Capital, DigiStrats and Youbi Capital participated in this funding round.
Cyclos is going to advance liquidity processes on Serum DEX (SRM), a flagship decentralized cryptocurrency exchange on Solana (SOL).
Jason O'Brien, a spokesperson for Cyclos, stresses the paramount importance of this release for both Cyclos and the entire Solana DeFi ecosystem:
We're excited to fully begin the Cyclos journey with the strong backing we received. Cyclos introduces a myriad of functionalities to DeFi on Solana that, until now, were not possible with existing infrastructure. Range-limit orders, capital efficient liquidity pool bootstrapping and orderbook-based stable asset market making are all possible due to Cyclos' innovative approach to concentrating liquidity providers' assets.
Bringing novel AMMs to Solana (SOL)
Cyclos' core novelty is a one-of-a-kind type of concentrated liquidity pioneered by Uniswap V3. Funds transferred to Cyclos are utilized to provide liquidity on Serum DEX, according to the ranges specified by the LPs.
Dan Matuszewski, partner at CMS, emphasizes that Cyclos is going to benefit from the rocketing interest in decentralized applications on Solana (SOL) blockchain:
CMS is excited to support Cyclos in their mission to bring concentrated liquidity to Solana. The growing Solana user base has increased the demand for a world class AMM experience. The Cyclos team is strong and well positioned to have a material impact on advancing Solana's DeFi ecosystem.
Cyclos team is going to unveil its V1 in Q3, 2021.Source