Echelon Secures $3.5 Million in Seed Funding to Revolutionize DeFi Lending on Move Based Blockchains
SAN FRANCISCO, Aug. 27, 2024 /PRNewswire/ – Echelon, decentralized lending protocol, has secured seed funding to advance DeFi lending on Move-based blockchains. The round was led by Amber Group, with participation from strategic partners including Laser Digital, Saison Capital, Selini Capital, Interop Ventures, and Re7. Echelon aims to offer high-performance markets integrated with other DeFi applications and real-world assets (RWAs).
The protocol’s innovative features include increased borrowing power on correlated assets, isolated pools for long-tail asset markets, direct in-wallet integration for simplified yield strategies, and future support for investing in and borrowing against illiquid RWAs.
Developed using the Move programming language, Echelon Protocol targets institutional-grade markets on Movement, Aptos, and other Move-based blockchains. It focuses on capital efficiency, affordable borrowing rates, and innovative yield opportunities for global users. The protocol has already gained significant traction with users, transactions, and substantial amounts supplied and borrowed.
Rushi Manche, Co-Founder of Movement Labs, also praised Echelon’s approach, stating, “Their focus on capital efficiency and user-friendly design positions them to become a leader in the next generation of DeFi protocols on the Movement Network.”
With this funding, Echelon plans to expand offerings by developing treasury and RWA-backed strategies, implement vaults for cross-chain deposits, and hire full-stack and smart contract engineers while expanding its marketing team.
Echelon’s protocol aims to maximize capital efficiency and provide affordable borrowing rates in the DeFi ecosystem. By leveraging advanced risk management techniques and integrating with various assets, it seeks to unlock new possibilities for yield generation and financial accessibility. For more information about Echelon and its lending solutions, visit Echelon on X or read their documentation.
About Echelon:
Echelon is a high efficiency money market that facilitates the borrowing and lending of assets via non-custodial pools, enabling users to earn interest and increase buying power via leverage. Positions are overcollateralized to protect lenders while offering the highest capital efficiency for borrowers. The protocol is complete with isolated pools for long tail assets and one click strategies for leverage staking and RWA backed vaults such as leveraged treasuries.
About Movement Labs:
Movement Labs is the innovative force behind the Movement Network, an ecosystem of Next-Gen, Modular Move-Based Blockchains that enables developers to build secure, performant, and interoperable blockchain applications, bridging the gap between Move and EVM ecosystems.
About Aptos:
Aptos is a Layer 1 Proof-of-Stake blockchain that employs Move, a Rust-based programming language for writing smart contracts, initially developed in Meta’s Deim project. Aptos’s vision is a blockchain that brings mainstream adoption to web3 and empowers an ecosystem of performant applications.
SOURCE Echelon
