Insrt Labs, the power behind the Insrt Finance protocol, raised $2.2 million in a pre-seed funding round.
Sky9 Capital and Polygon’s DeFi Chairman Hamzah Khan participated in the round, jointly led by Hashkey Capital and Infinite Capital, Insrt Labs announced on Thursday. Lauris Zvirbulis, co-founder and CEO of Insrt Labs, told The Block that the funding is through a simple agreement for future tokens (SAFT).
Insrt Token To Be Launched In The Third Quarter Of The Year
Insrt Labs was founded in March 2022 by Lauris Zvirbulis, Daniel Tsoy and alias crypto investor Hentai Avenger. The Insrt Finance protocol went live last December and allows users to earn returns with NFT trading.
ShardVaults, the first product of the protocol, allows users to interact with NFTs along with passive yield farming. Zvirbulis used the following statements in his comment on the subject:
“Given that most new wallet interactions are with NFTs, we believe NFT finance principles should focus on capturing a daily active NFT investor base of 30,000 and more, rather than DeFi farming transactions.”
Saying that the current total locked value in ShardVaults is $600,000, Zvirbulis added that Shard holders can now earn 13%, 15% annual returns in addition to the spot NFT interaction.
Built on Ethereum, Insrt Finance also plans to support other blockchains in the near future. Zvirbulis said that Insrt plans to launch omnichain ShardVaults with a partner in space in the next two months and is considering working with Polygon.
According to Zvirbulis, the Insrt token is expected to be released in the third quarter of this year.
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