MakiSwap has raised a total of $1.4 million from private investors and set out to build an automated market maker exchange together with a yield farming platform on the Huobi eco chain. The funding round was led by Inclusion Capital. Other participants include LD Capital, Kenetic Capital NGC Ventures, DAO Maker, Polygon Network, Xend Finance, AU21 Capital, and Momentum 6.
Also on the list of investors is Jawad Ashraf, Founder of Terra Virtua who joined as an individual investor. MakiSwap intends to tap on the growing decentralized exchange market amid the ongoing bull market.
“We’re extremely excited to launch MakiSwap on Huobi Eco Chain and to the public, we do see a big potential for HECO to capture a lot of market share compared to other blockchains in the near future,” said Geo, Founder of Unilayer and MakiSwap.
On the other hand, Jehan Chu, Founder and Managing Partner, Kenetic Capital noted that MakiSwap is ready to transform the global financial market through the decentralized financial ecosystem.
“Makiswap is leading a new wave of Defi by empowering Huobi’s ECO chain community with key tools and infrastructure. We are excited to support Makiswap in helping to transform global finance through Defi.” Jehan noted in the press release.
The team behind MakiSwap is Unilayer, a cross-chain Decentraland Exchange aggregator and also a decentralized finance ecosystem. Notably, the MakiSwap protocol will be governed by the MAKI token that is yet to be distributed. According to the company, the MAKI token will be airdropped to Unilayer’s LAYER token from both the Binance Smart Chain and Ethereum.
As the crypto market grows and gets adopted widely, the need for cheaper, secure, and realizable exchanges grows simultaneously. MakiSwap will run on the Huobi Eco chain popularly known as Heco. Notably, Heco was launched on December 21, 2020, to provide high performance, low gas fees, and a better cross-chain user experience.
Although the Ethereum ecosystem promises a layer two solution and also an ETH.2.0 rollout, high gas fees continue to deter the ecosystem from mass adoption. Swapping ERC20 tokens consume gas fees that end up in the pocket of the miners.
MakiSwap anticipates eliminating the existing challenges, especially in Defi. Furthermore, the platform will provide users with an ecosystem to earn through yield farming.
via ZyCrypto