Composable Finance raises $7M for cross-chain and cross-layer DeFi interoperability

Composable Finance raises $7M for cross-chain and cross-layer DeFi interoperability

“Composable Finance has secured funding from several blockchain investment firms as it seeks to foster greater interoperability in the emerging decentralized finance market.
Composable Finance, a DeFi interoperability protocol has announced a $7 million raise backed by 16 notable blockchain investment firms.According to a release issued on Tuesday, the funding round was led by Advanced Blockchain AG and Rarestone Capital. Other participants included Alameda Research, Spartan Group, Divergence Ventures, and Blockchain Capital, among others.Composable Finance is seeking to enhance DeFi synchronicity via a two-pronged approach to interoperability on both Ethereum (ETH) and Polkadot (DOT) with the latter forming a basis for further cross-chain interactions.According to Cosmin Grigore, CEO of Composable Finance, blockchain interoperability will push the emerging technology into “a new world of possibilities.”Given the asynchronous nature of the blockchain space, bridging is often required to port liquidity across layers and chains. Indeed, as previously reported by Cointelegraph, cross-chain composability has been seen as a panacea to the liquidity fragmentation issue in the DeFi space.In a conversation with Cointelegraph, 0xbrainjar, a Composable Finance developer summarized the project’s end goals, thus:“We see there being a major shift in Ethereum with the popularity of several layer 2s and side chains – there will need to be an easily accessible glue-code middleware infrastructure for people to be able to build cross-layer applications (ex. ZkSync <> Optimism).”According to 0xbrainjar, such composability could be essential for developing cross-layer strategies for activities like flash loans in the DeFi space.As part of the announcement, Composable revealed that it is in the final audit stage for several Layer-two infrastructure solutions. Meanwhile, the project is also looking to debut its Polkadot solutions before the end of June.With the Polkadot-based solutions essential to the project’s cross-chain interoperability plans, Composable is reportedly utilizing a unique strategy for parachain auctions. The project will reportedly deploy a vault strategy that allows users to deposit Ether or other ERC20 tokens.The bonded ETH or ERC20 tokens will be used for yield farming with 50% of the gains returned to the users and the other half used to purchase DOT or Kusama (KSM) for the actual parachain auction.Detailing how the project’s Polkadot solutions will feature in the project’s blockchain composability plans, 0xbrainjar remarked: “Using the Polkadot ecosystem, we will be able to allow developers from different ecosystems to be able to deploy smart contracts from different layer 1s on the same location, and have them interact with each other.””

Source: News

AnRKey X Lists on AscendEX

“AscendEX is thrilled to announce the listing of the AnRKeyX Token (ANRX) under the trading pair ANRX/USDT on AscendEX starting on Dec 7 at 2 p.m. UTC. In celebration of the listing of AnRKeyX token (ANRX), AscendEX and the AnRKeyX team will launch several limited-time promotional events between 2:00 a.m.

El Salvador at it again, Nayib Bukele announces purchase of 150 Bitcoin

“While the entire cryptocurrency industry is reeling under a massive dip, President of El Salvador once again managed to find the silver lining in this storm. Earlier today, Nayib Bukele announced on Twitter that the island country had once again bought the dip as Bitcoin continued on its downward spiral.

Bitcoin could ‘consolidate until 2022’ after mass wipeout sends BTC price to $41K

“$2.5 billion liquidated across cryptocurrency in a mass rout which sends Bitcoin price action back to the end of September. Bitcoin (BTC) traded near $47,000 on Dec. 4 after a sudden crash confirmed bulls’ worst nightmares with 22% daily losses.BTC/USD 1-day candle chart (Bitstamp). Source: TradingViewCrypto liquidations pass $2.5 billionData

Ethereum Might Dethrone Bitcoin as Best Crypto Store of Value, Study Argues

“A recent paper authored by members of several universities, including Sydney and Macquarie, argues that recent changes in Ethereum monetary policy are making it a better store of value than bitcoin. The deflationary effect that the EIP-1559 proposal has caused in the issuance of the currency is said to be