Private investors have injected $2 million into the DeFiChain-based Jellyverse, an EVM-compatible layer-2 DeFiMetaChain ecosystem. This was revealed in a press release on Monday from Jelly Labs AG Fintonomy LTD, two firms that are supporting the development of the Jellyverse. The native token of the DAO-governed platform is JLY.
Jelly Labs AG Fintonomy LTD will use the funding to propel the DeFi 3.0 platform’s development. The developers want to accelerate the adoption of DeFi by connecting real-world assets with their real-world prices. To this end, Jellyverse’s DeFi 3.0 products, such as decentralized portfolios, bonds, loans and staking, are being developed by the DeFiChain Accelerator Core Team.
Santiago Sabater, co-initiator and Jellyverse, commented in a press release: “Jellyverse unites the best of previous DeFi achievements with a new perspective. We present decentralized assets that innovate the way to diversify your crypto portfolio, complemented by self-balancing multi-token pools.”
The Jellyverse ecosystem will include several protocols. These include JellySwap, a decentralized (DEX) exchange built on Balancer; JellyStake, a decentralized staking protocol; and jUSD, a stablecoin that allows users to borrow against DFI, dETH, the native Jellyverse token JLY and other cryptocurrencies. It will also include jAssets, a protocol of crypto-backed tokens created by users, which will enable ecosystem participants to diversify their crypto portfolios with exposure to traditional financial markets, and JellyBond, which will allow token holders to earn interest on their tokens.
Jellyverse’s entrance into the market comes at a time when the DeFi sector is seeing renewed momentum as the crypto market records a surge in prices. The total value locked (TVL) was more than $180 billion in November and is now at nearly $50 billion. The mid-term forecast for 2021 is below $36 billion.
