Decentralized lending protocol Echelon has raised $3.5 million in a seed funding round led by Amber Group, with backing from several crypto venture capital firms.
The platform plans to use the funding to promote the decentralized finance ecosystem, according to details in an Aug. 27 press release.
Echelon will use the seed funding to expand its product offering, grow its team, and implement treasury, cross-chain vaults, and real-asset-backed strategies.
Are we interested in the Move-based ecosystem?
Echelon offers a money market platform for borrowing and lending crypto assets through non-custodial pools. This allows its customers to earn interest and leverage their assets to increase their purchasing power.
Users of the decentralized lending platform can gain these additional earning opportunities through staking and real-world assets.
Echelon wants to bring its DeFi and RWA products to Aptos (APT) and other proof-of-stake blockchains built with the Move programming language. The Rust-based language has become increasingly popular in the smart contract space since its use in Meta’s Diem project.
Sui (SUI) is another project that uses the Move programming language.
Echelon will also target Movement, a network of modular Move-based blockchains on which developers can build interoperable dApps that bridge Move-based platforms and Ethereum (ETH) virtual machine ecosystems. Movement is Ethereum’s first Move-EVM layer-2 network.
Movement Labs has raised $3.4 million in its pre-seed funding round, with the funds going toward a software development kit for the Web3 interoperability ecosystem.
In addition to Amber Group, Echelon’s seed funding round attracted participation from several strategic partners, including Laser Digital, Selini Capital, Interop Ventures, Saison Capital and Re7.