Granary Finance, a new DeFi (decentralised finance) lending protocol, has successfully raised over US$5 million of funds in a span of two weeks through the participation of the community. This shows that the amount of people believing in the potential of decentralised finance has not been affected by the bear market of the cryptocurrency industry throughout 2022. This project was developed with the help of the EVM-focused (Ethereum Virtual Machine) Byte Masons Group, with the goal of becoming the world’s first true user-driven decentralised lending platform.
The fundraising event of Granary is categorised as a liquidity generation event (LGE). The LGE is centred around the creation of Granary’s governance token, which would be available through a public sale that is set to last throughout the weekend. This gives us insight into the state of the industry, where certain decentralised platforms, protocols and layer-2 solutions developed by Decentralised Autonomous Organizations has set the stage for communities to become involved in initiatives, while traditional financial institutions have taken a step back from the cryptocurrency sector due to a decline in capital flows.
To earn the trust of prospective users, the Granary team offered discounted terms through NFT (non-fungible token) and DeFi projects for funds dedicated to the protocol. In the event, the users had to connect their wallets to an associated NFT, which was to be used in Granary’s ecosystem. The team also included vesting periods ranging from instant liquidity up to twenty quarters with varying levels of yield terms to generate interest.
With the impressive success of the liquidity generation event and the closure of the bear market, Granary Finance is set to become the go-to decentralised lending platform, providing users with safer and more frictionless experiences in Web 3 finance. The team behind Granary shares the same excitement in the potential of their platform and is grateful for the overwhelming support from their community during the event.
Eva Perez
- 2023-04-03
Granary Finance Launches Lending Protocol, Raises US$5 Million
Granary Finance, a new DeFi (decentralised finance) lending protocol, has successfully raised over US$5 million of funds in a span of two weeks from the community. This is the first true user-driven decentralised lending platform developed by EVM-focused Byte Masons Group.
