November 28, 2024
Avant, a decentralized finance (DeFi) protocol focused on yield generation, has successfully raised $6.5 million in a seed funding round. The funding included contributions from Superlayer, Avalaunch, GoGoPool, Daybreak Digital, and angel investor Linda Kreitzman. Founder Rhett Shipp stated that the company prioritized employing its existing network of investors over targeting prominent venture capital firms, citing speed and investment diversity as strategic priorities.
Launched in June 2024, Avant introduces avUSD, a stable-value token designed for DeFi activities such as lending and borrowing. Staking avUSD allows users to earn savUSD, a yield-bearing token that currently offers an annual percentage yield (APY) of 34%. Yield generation is supported through partnerships like that with 0xPartners, which utilize delta-neutral trading strategies to manage risk and optimize returns. Avant's early-access phase has already secured over $5 million in total value locked (TVL), with a full public launch scheduled for December 2024.
The protocol aims to differentiate itself from competitors like Ethena by utilizing diversified yield strategies that go beyond the carry trade. Operating entirely on-chain, Avant emphasizes decentralization and scalability without dependence on centralized exchanges. Plans for the introduction of a governance token, AVANT, are set for early 2025. The token will include a vote-escrow mechanism, granting holders governance rights over decisions such as token emissions. Avant's team of eight remains focused on scaling operations, with no immediate hiring plans.
About Avant
Avant is a decentralized finance platform offering stable-value and yield-bearing tokens on the Avalanche blockchain. The protocol prioritizes market-neutral strategies and full decentralization, catering to users seeking competitive yields and scalable DeFi solutions.
Website: https://www.avantprotocol.com/
X: @avantprotocol
About Investor
Superlayer
Superlayer is a venture studio and investment firm specializing in blockchain and decentralized technologies. The firm supports early-stage projects by partnering with founders to build applications that advance the Web3 ecosystem.
Location: Palo Alto, California
Website: https://superlayer.io
A central focus of investor activity in the cryptocurrency space is the evaluation of new crypto projects to invest in, particularly those with huge potential. This blog provides insight into what new ventures are benefiting from venture capital support (VC funding in crypto). These new crypto projects, funded by professional investors, can dictate the next narrative in crypto and the next big crypto movers.
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