● Single Finance raises $1.2m to launch the first liquidity mining past performance database and pseudo market-neutral strategy platform.
● Their users will be able to execute pseudo market-neutral leveraged liquidity mining strategies with optimal capital protection.
Single Finance, a decentralized finance protocol which provides leveraged yield farming strategy, closed a $1.2 million seed round funding, the DeFi project announced in early December.
0xVentures, Enzac Research, Genblock Capital, Trinity Venture Capital, SkyVision Capital, and some angels in the industry who wish to remain anonymous, are participating in the seed round funding. Aventures and Contango Digital Assets will also join as strategic partners to strengthen the connection to the DeFi world.
Single Finance says they will bring a user-friendly experience and capital protection to DeFi for everyone to earn more stably. ‘For both new or experienced farmers, their primary goals are to earn a high yield without suffering too much impermanent loss nor being liquidated in a flash. Single users can just supply assets and enjoy the pseudo market-neutral liquidity mining experience with just a single click.’The representative of Single Finance said.
On the Single Finance platform, users borrow digital assets from their lending pool and will be sent with deposited funds to decentralized exchanges such as TraderJoe, Pangolin and VVS.finance. Moreover, the yield obtained from the platform is auto-compounding by Single Finance bots. As Single Finance runs on a market-neutral strategy, the non-stable coin asset of the selected liquidity pair is fully hedged by the asset borrowed at the beginning of the position. Thus, the impermanent loss impact will be minimized. The re-balancing of the liquidity pool assets will also be done by the bot automatically.
‘The best thing about Single Finance is that it calculates APY and implements a stop-loss mechanism valued by the principal value in USD.’ said by the company. Under the stop-loss bot and the rebalancing bot equipped by the platform, which grants users protection that they will not be losing more than 15% of their capital in US dollars and the bot will adjust the position manually.
In the first launch, Single Finance will only support Avalanche and Cronos, but they expected to support all EVM-compatible chains in the future. The platform is hoping to let their users keep the funds at their favourite chain while earning yields from other chains.
Single Finance is also working on launching the first-ever farming database – the Time Machine. Time Machine is the first yet revolutionary liquidity mining database in the DeFi space, currently there is no historical performance data of liquidity mining and yield farming on any DeFi protocol.
The Time Machine allows users to explore real return performance data, including performance in farming different liquidity pairs, trading trading fees, DEX yields, and price impact, to help all DeFi users, especially yield farmers, to make the correct decisions.
“Single Finance’s realization of a single-click deployment for risk-managed leveraged yield farming strategies on a burgeoning ecosystem with cross-chain ambitions was a no-brainer for us. Solid team, interesting and useful product, new ecosystem made the decision easy,” said 0xairtx, partner of 0xVentures.
The Single Finance team stated that they aim to launch both Single-Click Strategy and Time Machine in January of 2022.