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Home XRP - Top 10 APY.Finance: DeFi yield farming aggregator raises over $3M from CoinGecko and others

APY.Finance: DeFi yield farming aggregator raises over $3M from CoinGecko and others

Decentralized finance (DeFi) yield farming aggregator in the making, APY.Finance has raised $3.6 million in a seed funding round. APY claims it will be offering DeFi traders a more intuitive and risk-optimized platform for yield farming. The yield farming aggregator expects to launch fully by next month.

Yield farming aggregator raises over $3M

As reported on Monday, the soon-to-launch DeFi yield farming aggregator, APY.Finance received investment from CoinGecko, one of the popular digital currency market analysis provider. APY also received funding from notable entities such as Alameda Research, Parafi Capital partner Santiago Roel Santos, Arrington XRP Capital, and others.

Not just as a yield farming aggregator, APY is looking to debut as an automated investment service platform that will assist DeFi traders in farming high yielding DeFi products in a risk-optimized manner. With the new capital raised, the team behind APY said they would speed up the development processes, including covering risks insurance, and the platform’s audits.

The aggregator is expected to fully launch in mid-October.

DeFi Yield farming

Yield farming is another DeFi activity that presents users an option to leverage several DeFi products to earn high yields through a combination of token incentives and lending interest. When commenting on the competitive advantage that APY has over other aggregators, especially the popular Yearn.Finance, one of the officials, Delos Chang, explained:

“Yearn currently is running wrappers around farming strategies like CRV farming (via vaults that realize yield by selling automatically), whereas APY would route and diversify between strategies based on applied risk perceptions. So ultimately, the Yearn vaults could be one of the strategies that APY uses but not vice versa.”

While the yield farming aggregator is being prepared for launching, the team also hinted about issuing the platform’s native token dubbed “APY” for governance purposes. The tokens might be offered to the public later this month via a so-called “Initial DEX Offering.”

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