Crypto

Yala completes Seed Round co-led by Polychain Capital and Ethereal Ventures

Singapore, Singapore, October tenth, 2024, Chainwire

Main trade buyers be a part of forces to assist Yala’s imaginative and prescient of a related multi-chain ecosystem with Bitcoin.

Yala, a liquidity protocol and stablecoin issuer for Bitcoin, has introduced the profitable completion of its 3x oversubscribed seed funding spherical. The spherical was co-led by Polychain Capital and Ethereal Ventures, with participation from outstanding buyers, together with Galaxy Imaginative and prescient Hill, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, HashKey Capital, L2 Iterative Ventures (L2IV), SatoshiLab, UpHonest Capital, UTXO Administration, and 280 Capital.

Yala’s crew raised an $8 million seed spherical at an undisclosed valuation, funding the growth of its engineering, progress, and safety groups forward of its mainnet launch. This follows over 2,000 BTC in dedicated deposits from buyers.

Yala’s mission is to unlock Bitcoin liquidity by means of a protocol that mixes stablecoin issuance with multi-chain ecosystems. Its modular structure helps cross-chain deployments throughout EVM-compatible platforms like Ethereum and non-EVM programs like Solana, enhancing Bitcoin composability and driving a related Bitcoin DeFi ecosystem.

Key Traders Spotlight Help

“Our technique is to spend money on and assist founders in constructing an ecosystem pushed by sturdy synergies. By its stablecoin, Yala will bridge the gaps, enabling our Bitcoin ecosystem to thrive with strong liquidity”, stated the Polychain Capital Staff.

“Yala’s method addresses the present liquidity hole within the Bitcoin ecosystem. Their first-mover benefit, paired with the wonderful execution pace of the crew, will unlock new alternatives in BTC-related DeFi innovation. EV is thrilled to be supporting their journey,” added Min Teo, Managing Associate & Co-founder at Ethereal Ventures

Yala’s Imaginative and prescient

Yala is constructing a modular infrastructure to deploy cross-chain modules, enhancing Bitcoin composability throughout ecosystems. The important thing parts of the Yala protocol are:

  1. Overcollateralized Stablecoin Protocol: A Bitcoin-backed stablecoin making certain safety and stability.
  2. MetaMint: Allows minting stablecoins immediately from the Bitcoin mainnet on the vacation spot chain.
  3. Insurance coverage Derivatives Service: Gives complete insurance coverage options inside the DeFi ecosystem.

Yala’s multi-token system goals to spice up Bitcoin cross-chain liquidity, that includes $YU (Bitcoin-backed stablecoin) and $YALA (the governance token of the Yala ecosystem). $YU permits Bitcoin holders to probably earn yields throughout numerous cross-chain DeFi protocols whereas preserving the safety and stability of the Bitcoin community.

“Yala is revolutionizing Bitcoin’s function in decentralized finance,” stated Vicky Fu, Yala Co-founder and CTO. “By issuing Bitcoin-backed stablecoins and creating programmable cross-chain modules, we’re not simply enhancing liquidity, however we’re constructing a bridge that connects Bitcoin to the broader DeFi ecosystem, unlocking unprecedented alternatives for innovation and progress.”

The Highway to Mainnet

Yala is about to launch its testnet subsequent week, with a number of key developments deliberate:

  • Testnet V0: $YU stablecoin issuance and Professional Mode.
  • Testnet V1: $YU stablecoin Lite Mode with meta yield.
  • V1 Launch: Insurance coverage module and safety upgrades.
  • V2 Launch: Governance framework initiation.

Yala’s roadmap focuses on constructing a strong liquidity layer that connects Bitcoin to main Layer 1 and Layer 2 ecosystems. Because the crew builds momentum towards the mainnet launch, they encourage the neighborhood to take part within the upcoming testnet.

For extra data and to remain up to date on Yala’s progress, customers can go to yala.org.

About Yala

Yala is constructing a Bitcoin liquidity layer to unlock the complete potential of Bitcoin liquidity by connecting it to multi-chain ecosystems. Its modular method helps deployments on each EVM-compatible platforms and non-EVM programs, aiming to foster a strong and interconnected Bitcoin DeFi ecosystem. Key options of the Yala protocol embody an overcollateralized stablecoin protocol, an insurance coverage derivatives service, and a MetaMint performance, enabling seamless liquidity between Bitcoin and different ecosystems.

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Contact

Co-founder, COO
Kaitai Chang
Yala
[email protected]

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