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Fuse-native FuseFi platform has raised $2.3 million from private backers to launch a DAO to govern an all-in-one DeFi platform on Fuse. The private sale will be followed by a token generation event for the platform’s Volt (VOLT) governance token.
Fuse’s core mission is to make crypto-powered payments and decentralized finance (DeFi) available to the masses. Fuse has been working to accomplish it through combining decentralized applications built on a fast and low-cost EVM-compatible blockchain Fuse Network with a focus on highly user-friendly mobile interfaces built on top of the Fuse wallet technology.
This approach has led Fuse to launch important Fuse-native reference DeFi tools, including the automated market maker (AMM)-based decentralized exchange (DEX) FuseSwap (with the associated multi-chain bridge), Fuse Lending Network (in collaboration with Ola Finance), the Fuse Rewards platform for yield farming programs and the Fuse X stablecoin suite (including FuseDollar). In parallel, the Fuse team has developed a consumer-facing mobile gateway to DeFi on Fuse in the form of the Fuse Cash wallet.
In just one year of existence, the DeFi ecosystem on Fuse has gone a long way. FuseSwap currently has $3.3 million in total liquidity and registered a $0.9 million all-time high trading volume on November 14th. Multiple liquidity provider programs have been launched on Fuse Rewards allowing us to significantly raise Fuse’s profile in the DeFi space. The total amount of assets supplied on Fuse Lending Network stands at $1.6 million. The Fuse Cash wallet has been downloaded more than 10 thousand times.
At the same time, the rapid maturation of the DeFi ecosystem on Fuse has made the Fuse team reach the conclusion that for its continued success to be ensured, the reference DeFi tools need to be subsumed under a single, community-governed DeFi platform, while Fuse will focus on the development of the Fuse platform and ecosystem as a whole. Hence, the upcoming launch of the FuseFi DAO.
An All-in-One DeFi platform to unlock mass adoption
FuseFi DAO will take over from Fuse the management and development of all the aforementioned DeFi tools and the Fuse Cash wallet. FuseFi will leverage this powerful combo to ensure the most frictionless access possible to DeFi for everyday people, not just seasoned crypto veterans. At a later date, it will add an IDO launchpad, state of the art governance, and other DAO benefits.
FuseFi DAO’s private fundraising round was a success, with $2.3 million currently raised. The project has received backing by both original institutional investors in the Fuse Network blockchain token — notably TRGC, Blockchain Founders Fund and Collider VC — and new VCs, including Node Capital, Sheesha Finance, LVT Capital, MVST:MG, AngelDAO, ZBS Capital, Nakheel Capital, Metavest Capital, and Shima Capital.
The private sale will be followed by a token generation event for FuseFi’s Volt (VOLT) governance token. Stay tuned for more details in the upcoming announcements.
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We also encourage you to subscribe to join the waiting list for the FuseFi launch using the form on the FuseFi homepage.
