iZUMi Finance Closes $22M Financing Round via Solv Protocol and Launched on zkSync Era
News Direct
Apr 27, 2023
–News Direct–
iZUMi Finance, a one-stop Liquidity-as-a-Service (LaaS) DeFi protocol, announced they have closed a financing round of $22 million. The investment will be used to support the early liquidity of its on-chain Order Book DEX (Decentralized Exchange) product, iZiSwap Pro on zkSync Era network.
This financing round is supported by Unicode Digital, NextGen Digital Venture, Bella Protocol, Incuba Alpha, and other individual investors. It is by far the largest financing news in size in the ecosystem of zkSync Era.
iZUMi Finance has adopted an innovative fundraising approach in this round of financing. With the support of their strategic partner Solv Protocol, iZUMi issued “iZUMi zk-Fund” via Solv V3, the latest paradigm protocol of Solv Protocol.
“iZUMi zk-Fund” is a type of digital asset known as a Semi-fungible Token (SFT), based on Solv's original ERC-3525 token standard. When investors purchase the fund, they receive a new SFT in their wallet, representing their share and making them Limited Partners (LPs). These SFTs have a cover image, like NFTs, and are computable like ERC-20 Tokens. Investors can track real-time Profit and Loss (PnL) and Net Asset Value (NAV) in a fully visualized dashboard. Upon maturity, LPs can redeem their SFTs to claim their principal.
About iZiSwap Pro
As one of the renowned products of iZUMi Finance, iZiSwap Pro is an AMM-driven Order Book DEX that adopts iZUMi’s innovative Discretized Liquidity AMM (DL-AMM) model. The advantages of iZiSwap Pro include,
-
Peer-to-pool and AMM designs, greatly reduce the transaction cost for on-chain order book
-
Zero-slippage, and no more MEV attack with decentralized limit orders
-
100% on-chain safety and composability. Users’ funds have no custody risk
-
User-friendly interface for on-chain traders
iZiSwap Pro Launched on zkSync Era∎
This round of financing will be utilized by iZUMi Finance to support the early liquidity of iZiSwap Pro on zkSync Era∎, a zero-knowledge based Ethereum Layer 2 solution.
2022 has proven the fragility and opacity of centralized cryptocurrency institutions and services. The crypto industry urged for a transparent, decentralized, trustless solution to replace the too-big-to-fail centralized giants. As a pioneer in the DeFi sector, iZUMi Finance embraces decentralization and believes in the huge potential in blockchain technology which will bring universal accessibility to financial services to not only the current crypto users, but a much larger IRL audience.
With the support of Matter Labs and zkSync, iZiSwap enhances the ability in processing more transactions, fully releasing the potential of DL-AMM for being hyper efficient in dealing with on-chain asset trading. The level of asset security and transaction transparency will be further lifted. It’s also an important step in our business map to support the liquidity of more assets, and bring accessible and cost-friendly service to more users.
Credits of Fund Issuance
Besides developing iZiSwap, the next-generation DEX incorporated with the innovative Discretized Liquidity AMM model, iZUMi Finance is also a leading decentralized market-making group. In its history, iZUMi has issued bonds worth $12 million USD on Solv, which have been fully repaid, demonstrating a strong credit record. The team has previously secured debt financing of $30 million USD from notable investors and institutions such as Cobo, Bybit, and Huobi, and has been responsible for market-making for BitDAO’s Token $BIT.
About iZUMi Finance
iZUMi Finance is a multi-chain DeFi protocol providing one-stop Liquidity-as-a-Service (LaaS). Its philosophy is that every token deserves a better on-chain liquidity in an efficient and lasting way.
Deployed on multi-chains, including Ethereum, BNB Chain, Arbitrum, and now zkSync Era∎, iZUMi has provided liquidity service for BITDAO and 20+ renowned Web3 protocols, and managed over $80M liquidity from reputable institutions and 9,000 individual LPs.
The ultimate goal of iZUMi Finance is to help every partner and token to enjoy on-chain liquidity like spring water, continuous and long-lasting for centuries.
About Solv V3
Solv V3 is a one-stop platform for creating, managing, and settling SFTs (Semi-fungible Tokens) for on-chain funds. It enables institutions such as market makers, Venture Capitals, and DAOs to create any type of on-chain fund product and issue it for liquidity. This liquidity can be used for various trading strategies or fund operations.
Solv V3 is based on DeFi and zero-trust architecture. With V3, every fund manager can list an SFT representing a fund and build their own on-chain credit. It connects investors and asset managers, enabling efficient capital allocation in a reliable and transparent marketplace that operates on code.
Contact Details
MarketAcross
Dan Edelstein
PR@marketacross.com
View source version on newsdirect.com: https://newsdirect.com/news/izumi-finance-closes-22m-financing-round-via-solv-protocol-and-launched-on-zksync-era-370799463