The DeFi protocol based on the Solana network conducted the private token sale led by Multicoin Capital and Ascensive Assets ahead of mainnet launch.
Structured Products Begin Arriving on Solana
Exotic Markets, an upcoming structured products protocol built on the Solana network, just closed a private funding round.
It was revealed on January 5 that the protocol raised $5 million in a private token sale which involved several prominent venture capitalists (VCs) and investors. The lead investors in the private token sale were Multicoin Capital and Ascensive Assets. In addition, Animoca Brands, Alameda Research, Morningstar Ventures, Solana Capital TPS were also involved, amongst others.
“At Ascensive Assets, we have a long-term vision for the market and focus on supporting projects that offer sustainable value. Structured products will open up opportunities for investors to generate yield denominated in stablecoin rather than governance tokens. We view this as a very healthy evolution of the DeFi space,” mentioned Oliver Blakey, Managing Partner at Ascensive Assets, about the value proposition of structured products.
“At Multicoin, we are very excited about the growth in the structured products. Exotic Market’s unique architecture will allow more forms of payoffs on more underlyings than we have ever seen before. This will end up benefiting the entire DeFi space and create new ways for people to benefit from the volatility market,” added Spencer Applebaum, Investor at Multicoin Capital, about the protocol.
Additionally, Exotic Markets revealed through a Twitter post on Jan.1 that the protocol will be airdropping its native token, EXO, worth $50,000, along with 500 NFT vouchers to users on the exchanges Deribit, Meatriport, and Cobo. Each NFT will be eligible for $100 of token airdrops. However, it is noteworthy that the protocol still doesn’t have a whitepaper or a Gitbook page that elaborates on the workings of Exotic Markets.
What is Exotic Markets?
Exotic Markets is a DeFi protocol specializing in structured products and is built on the Solana network. Its native token, EXO, will be a governance token with its maximum supply capped at 10 million tokens. Exotic will function as a decentralized autonomous organization (DAO), governed by EXO token holders who would be in charge of whitelisting new structure products and adjusting any of the protocol’s parameters.
Find more about Exotic Markets here:
Source : solana.news
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