Seeded Network, a Majuro, Marshall Islands-based project incubator and defi platform, raised $1.25M in funding.
Backers included Solar Eco Fund, x21, Athena Ventures, HG Ventures, Kangaroo Capital, ZBS Capital, Rainbow Three, GoldenShovel, Sunshine Dragon, Top 7 ICO, Bitcoin Addict, Dust Ventures, and Mandy ICO Research.
The company intends to use the funds to develop its project incubator leveraging Defi on Solana.
Seeded Network is a project incubator and defi platform which, built on Solana’s decentralized blockchain – capable of 400,000 transactions per second with less than $0.01 gas fees, leverages borrowing, lending, and staking incentives to offer an accessible project incubation experience for investors and startups alike.
Further to recent partnerships with Chainlink and Waggle, security experts CertiK are set to audit Seeded’s smart contracts in preparation for the launch of its initial staking, lending, and borrowing products.
The staking product will enable users to stake their $SEEDED tokens for seven days before an incubator project launch to gain an allocation. Though, the staked tokens can be withdrawn at any time.
The borrowing product will allow participants to use their existing assets to borrow native tokens, including its own $SEEDED token. Uniquely to Solana, liquidity provider (LP) tokens can also be used to provide such collateral, delivering utility to the network. Borrowed $SEEDED can then be staked for ten days before an incubation project launch to receive an allocation.
The lending product will enable users to lend out their assets for competitive returns, and ”Locked Lending” of $SEEDED tokens for a 90-day duration offers a double allocation for incubator projects.
While early withdrawal is possible for the borrowing and lending products, it incurs a 30% penalty shared equally between stakers, the Seeded treasury, and Seeded’s community choice charity.