BEIJING, China, May 28, 2021 (GLOBE NEWSWIRE) -- Qilin Protocol, the Decentralized Volatility Protocol, has raised $800k in its initial round, funded by Continue Capital, Fundamental Labs, MATH Foundation, Multicoin Capital, Yuanyuzhou Ventures and other institutions.
After two months of public testing, the Qilin V1 will be officially launched on the Ethereum mainnet within a week. This round of funding is mainly used for the development of Qilin's V2 version. The core features of Qilin V2 includes: creating a liquidity pool without permission, creating an altcoin reverse contract trading without permission, designing and implementing a reward mechanism for Rebase operators, designing and pre-researching the uniswap-based oracle machine, deploying price shifting mechanism, optimizing and upgrading the trading experience, expanding the soft and hard wallets supported by Qilin, etc.
Qilin core believes that this funding raised by various professional institutions not only reflects the recognition of Qilin, but also a lot of constructive opinions from professional perspectives to the project. In view of Qilin, volatility is far more important than liquidity for altcoin, so it has designed an innovative decentralized on-chain risk control and dynamic liquidity supply mechanism. This innovation aims to provide the ability to build permission-free on-chain reverse, forward contracts for altcoins.
Lead investor Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies reshaping trillion-dollar markets. In response to this round of funding, Multicoin said: "We have been firmly investing in the crypto economy industry. The derivatives market is one of the areas we have been focusing on. The Qilin team's understanding of derivatives is very professional and forward-looking. We hope that Qilin's launch will be thoroughly unleash the potential of the crypto derivatives market."
Qilin is a decentralized volatility protocol that aims to equip the crypto market with the ability of longing any asset's volatility, including reducing the risk of liquidity providers through Rebase Share, increasing capital utilization by providing a elastic liquidity supply range, efficiently realizing liquidation with comprehensive liquidation engine, etc.
Company: Qilin Protocol
Contact: Media Team
SOURCE: Qilin Protocol