Affine Protocol Raises $5.1M From Industry Heavyweights to Develop DeFi Yield Offering

Decentralized protocol Affine has raised $5.1 million in a seed funding round led by Jump Crypto and Hack VC and including contributions from Circle Ventures and Coinbase Ventures.

Ethereum and Polygon-based Affine gives users access to diversified yield across decentralized finance (DeFi) platforms. Affine's aim is to address challenges around impairment loss in liquidity providing. Its flagship basket USD Earn offers automated diversification and yield via liquidity management strategies.

“The market is moving to a multi-chain world which only makes participating in DeFi harder," Polygon co-founder JD Kanani said. "Affine is ahead of the curve in helping end users tackle this complexity in a sustainable way.”

The vast range of DeFi platforms and tokens can make it a foreboding world to enter for the novice investor, not helped by the risk of hacks, exploits, rug pulls and so on. Tools that can simplify the process in the way Affine claims to be able to do could therefore prove to be high in demand.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Jamie Crawley

Jamie Crawley is a CoinDesk news reporter based in London.

Follow @JamieCrawleyCD on Twitter

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.