Jellyverse Secures $2 Million Seed Funding from Private Investors to Build DeFi 3.0
Vaduz, (Liechtenstein), December 4th, 2023, Chainwire
Jelly Labs AG and Fintonomy LTD, the companies developing the initial protocols for Jellyverse, have secured $2 million funding from private investors. Jellyverse is a platform for advanced decentralized financial services built on DeFiMetaChain. Jelly Labs AG and Fintonomy LTD will use the proceeds to support the development of the decentralized platform.
Jellyverse was initiated by the core team behind DeFiChain Accelerator, which has been a leading force in accelerating DeFiChain’s adoption through the development of cutting-edge software, execution of global marketing campaigns, and strategic business development initiatives.
While the DeFi industry has made impressive advancements in digital token interaction, it hasn’t been able to integrate real-world assets into its offerings. To take DeFi to new heights, it is crucial to combine real-world price feeds with advanced decentralized finance applications. This is where Jellyverse comes into play, filling this gap in the market building the next generation of DeFi — DeFi 3.0. Jellyverse offers products like decentralized portfolios, bonds, lending, and more sophisticated staking alternatives.
The platform is built on top of DeFiMetaChain (DMC), an EVM-compatible Layer-2 that acts as an extension to the native non-Turing complete DeFiChain. DeFiMetaChain takes a groundbreaking approach to interoperability by functioning as a parasitic chain that can seamlessly connect with numerous blockchains and gather data. This data is instrumental in developing cross-chain protocols that go beyond the existing industry standards. Additionally, building on DeFiMetaChain is more economical due to lower gas fees compared to Ethereum.
“Jellyverse merges the pinnacle of past DeFi achievements with a fresh perspective. We present decentralized assets that pioneer a novel way to diversify your crypto portfolio, complemented by self-balancing multi-token pools,” said Santiago Sabater, the Co-Initiator of Jellyverse.
One addition to the Jellyverse protocols will be the jAssets that are built by a community team. The jAssets allow users to get price exposure to real-world assets like commodities and stocks in a fully decentralized manner. Those assets are not 100% mapped to the price of the stock or commodity but rather follow the price development roughly based on mechanisms that are built into the protocol.
Jellyverse is introducing cutting edge portfolio management in a fully decentralized way by providing self-balancing portfolio pools including tokens that follow real-world price feeds. Investors will be able to create complex portfolios consisting of a multitude of assets while earning yield on top.
Some of the first offerings on Jellyverse are:
- JellySwap: A cutting-edge DEX with extended functionalities based on Balancer. It is home to the Jelly Token. JellySwap is a fully decentralized exchange serving as a non-custodial portfolio manager and liquidity provider.
- JellyStake: JellyStake is a decentralized staking protocol where you stake your JLY tokens to increase rewards and voting power. JellyStake is not only powered by inflation but also by protocol generated fees throughout the whole ecosystem
- jUSD: jUSD is a stablecoin based on the rigorously tested and proven stability mechanisms from LUSD by Liquity protocol. Users can borrow jUSD against DFI, dETH, JLY and other crypto currencies.
- jAssets: User-generated tokens backed by cryptocurrencies that reflect the prices of stocks, commodities, or ETFs through real-time price feeds. jAssets thus allow indirect participation in traditional financial markets to diversify the crypto portfolio. The jAsset protocol is being developed not by Jelly Labs AG or Fintonomy LTD, but by a community team, and is intended to be linked to Jellyverse through a future governance decision.
- JellyBond: A protocol to bond jUSD and jAssets. JellyBond introduces the first bonding mechanism to DeFiChain and offers amplified yield to token holders, while generating protocol-owned liquidity.
The platform will be fully developed and governed through an on-chain decentralized autonomous organization (DAO). Utilizing decentralized governance, developers have the power to take action while the community provides legal frameworks, guidance, marketing, a unified brand, user support, visionary concepts, and fundraising.
JLY is the native governance and revenue share token of the Jellyverse ecosystem. Users staking JLY are eligible to vote for strategic decisions and key parameters on the different protocols and dApps on Jellyverse. A part of the transaction fees earned across all protocols will be distributed to stakers of JLY tokens.
About Jellyverse
Jellyverse is a comprehensive ecosystem in the decentralized finance (DeFi) sector, overseen by its community through a decentralized autonomous organization (DAO). It focuses on the next iteration of DeFi—commonly termed as DeFi 3.0—which aims to create a sustainable, yield-oriented landscape that integrates protocols with real-world price feeds. The decentralized platform provides several utilities designed to meet a variety of financial needs, all governed by its native token, JLY.
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