One of the promising decentralized finance (DeFi) platforms, Don-key, has raised fresh capital for expanding its product lineup. It was announced that Don-Key completed a $2.2 million seed round led by Black Edge Capital, AU21. Genesis Block Ventures, Spark Digital, MarketAcross, Solidity Ventures, MoonWhale, and Morningstar Ventures.
Don-Key, which operates a Defi yield farming platform, plans on earmarking the funds for staffing and new product launches in 2021, according to a statement.
The company has just announced it will be hosting its IDO on May 11th on SuperStarter launchpad.
Yield farming protocols are one of the latest additions to decentralized finance apps. Although these Defi platforms function quite differently from centralized platforms, their edge has ties to what assets are being lent on. These offerings mostly rely on a decentralized network of lenders and borrowers, who use smart contracts to arrange collateral and payment terms.
Don-key is the first Defi platform that brings together yield farmers with liquidity providers. It aims to become the eToro of yield farming by solving the pain points of this industry that presents users with a high barrier-to-entry, cost and risk.
Don-key provides a social-like platform that gives novice investors a low-cost, frictionless way to pool their liquidity by copying the strategies of experienced traders. Copying portfolios of experienced yield farmers can be also an educational tool for people who wish to learn how to allocate their crypto assets across different projects on their own.