Bastion, the largest DeFi protocol on the Aurora Blockchain, a subnet of the popular altcoin NEAR Blockchain, has raised $9 million in a Series A funding round as it plans to expand. Details on the fund launched by DeFi altcoin continue in our news…
The altcoin released a month ago is running a record
with the participation of FTX Ventures, Jump Crypto, Jane Street, CMS Holdings, Crypto.com Capital and others Three Arrows Capital took the lead. Bastion was launched last month by its founder known as “N^2” or “Near Squared”. The altcoin protocol offers a lending and stable exchange platform on Aurora, an Ethereum-compatible scaling network created by the team on the NEAR protocol.
More than a month after its launch, Bastion has become the largest DeFi protocol on Aurora, according to data from DeFi Llama. Its current total value is locked or TVL is over $600 million. N^2 recently announced that it plans to expand the Bastion ecosystem further with new funding. To this end, the altcoin plans to recruit people for marketing and business development functions. N^2 said that the current number of employees is five.
Bastion investors can receive their airdrop
The founder of the altcoin, which we follow closely as Kriptokoin.com, stated that Series A funding was raised through a mix of equity and token rounds and that “the value is in the token.” is doing. Bastion launched its native token BSTN earlier today with a total supply of 5 billion. Users who pre-issue the token on Bastion or participate in Bastion’s $410 million “lockdrop” IDO can claim BSTN airdrops in the altcoin project’s app.
N^2 that users have locked $410 million in capital to Bastion via IDO locked for up to 12 months in exchange for $3 million in NEAR rewards and 11 percent of BSTN’s total supply told. The remainder of the token supply will be allocated for team members and advisors, liquidity mining incentives and treasury. Jane Street is known as Bastion’s permanent investor. The trading giant did not reveal how much the protocol has risen, although it also participated in the altcoin project’s funding round last month.
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