Pontoon Finance Raises $3.2 Million from Industry Heavyweights to Build Cross-chain Liquidity Mirroring Protocol
Pontoon Finance is focusing towards unlocking the potential of decentralized finance. In order to drive mass adoption in its truest sense, there are prerequisites including high degree of intuitiveness, low gas costs and cross-chain interoperability. The lack of robust infrastructure and seamless solutions to drive the DeFi momentum is quite a hassle to accelerate the DeFi adoption metrics. Pontoon Finance acts as a silver lining while actively addressing these issues. While the current issues in the DeFi landscape weather the storm, Pontoon Finance is running a tight ship in the quest to enable DeFi to emerge and thrive amidst current inefficiencies.
As we witness DeFi flourish with giant strides and massive breakthroughs, we are delighted to disclose that Pontoon Finance has successfully raised $3.2 Million in its initial funding rounds through strategic investors and industry leaders to support our mission of addressing the liquidity fragmentation and composability issues hovering the current DeFi ecosystem. We believe that this is an onset of an exhilarating journey in the DeFi world and will be instrumental in setting a solid foundation for Pontoon Finance with initial supporters and early advisors.
Pontoon’s vision has garnered the attention and participation of industry heavyweights including Draper Dragon Funds, Black Edge Capital, Amesten Capital, X21, Morning Star Ventures, Ex Network, GenBlock and others. The round also saw participation from Aniket Jindal from Biconomy, Chandresh Aharwar from Unilend, Aayush Gupta from TerraForms, Siddharth Jain from Defi Dollar, Tushar Aggarwal from Persistence and Dhawal Shah from Frontier. Leading industry leaders and entrepreneurs including Ravindra Kumar from Frontier, Sandeep Nailwal from Polygon, Lester Lim from X21 Digital, Tamar Menteshashvili from Solana Foundations, Joel John from Ledger Prime and others resonated with our idea to pursue it in the fullest vigor and enthusiasm. We are indebted for their support during the early stages of the project genesis. Pontoon is driving a new wave of innovation for the decentralized future ahead.
Scaling DeFi for its Accelerated Growth
With the influx of new entrants and increased network activity on the Ethereum Chain, DeFi has been a victim of its own success. In order to gain mass appeal and drive adoption metrics, it is significant to explore ways of scaling the aspects of decentralized finance. Latency issues, liquidity fragmentation problems, lack of composability and high transaction costs are hindering the growth of DeFi to an extent making it a clumsy experience for users. With bigger problems stemming due to the growth of DeFi, it is important to address the current issues without sacrificing the decentralization phenomena because it remains the core of the modern financial landscape. With the prevalent inefficiencies and barriers, the ideal approach is to adopt cross-chain composability and liquidity mirroring concepts catering to crypto native users. Pontoon is striving towards the same.
When executing transactions across diverse networks, high gas fees and slippage costs negatively affects the users experience. Therefore, by providing one-click liquidity solutions across various chains, Pontoon Finance is integrating unique functionalities such as decentralized relayer networks, trustless bridges, cross-chain liquidity and composability to promote DeFi adoption. Along with this, it will be administering liquidity mining programs across chains to drive active participation from the crypto community and will leverage their efforts to the best potential by incentivizing them.
The successful closure of the funding rounds is concrete evidence that we have kick started our journey to create an impact. This is a significant milestone for the entire Pontoon team, it’s stakeholders and our beloved community. We are currently preparing for the public distribution of $TOON through the upcoming Initial DEX Offering. Moreover, we already have a functioning testnet for crypto users to experience the utility of the platform as we are gearing up for the application launch. The game of innovation has begun within the Pontoon ecosystem and this is just the beginning of the battles to conquer. We will be working towards accelerating the community initiatives for our crypto community in the quest to make $TOON accessible for early supporters and promoters.
$TOON remains the central to the incentivization structure of the Pontoon Finance and has a direct correlation to the financial activity performed in the prevalent ecosystem. To maximize our efforts, we will also be synergizing with strategic partners to establish strong partnerships as we advance forward in our mission to be the ultimate liquidity mirroring solution in the DeFiverse.
Venkatesh Karanalu, CEO of Pontoon Finance said,
“We are excited to bring cross chain interoperability and innovative liquidity mirroring solutions to DeFi. As part of accelerating the Web3 space, Pontoon is addressing the current inefficiencies in order to bring DeFi to mainstream. The support of our strategic partners will enable us to bring our vision to reality. All in one, we are ready to bring in the DeFi revolution like never before”
Pontoon Finance is expanding the frontiers of DeFi. Gear up for a new DeFi revolution.
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