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Decentralized Finance protocol Avant completed a $6.5 million seed round of financing, with participation from Superlayer, Avalaunch, and others.
BlockBeats news, on November 28th, according to TheBlock, Decentralized Finance protocol Avant completed a $6.5 million seed round of financing, with participation from Superlayer, Avalaunch, GoGoPool, Daybreak Digital, and Linda Kreitzman. Avant, based on Avalanche's encryption revenue protocol, provides stable income Tokens similar to Ethena. The Avant issuance, named avUSD, is a 'value stable' Token that can stake the Token to receive savUSD, which is a profitable version of avUSD. To mint avUSD, users deposit Stable Coins such as Circle's USDC or Tether's USDT into the Avant Protocol, which operates on-chain in the Avalanche Block. Although avUSD itself does not generate revenue, it is designed for various Decentralized Finance activities, such as lending.