Prophecy DeFi Inc. is happy to offer an operational replace, additional to its press launch dated October 19, 2021, on its wholly owned subsidiary, Layer2 Blockchain Inc.
Prophecy DeFi Inc. (“Prophecy DeFi“, “PDFI” or the “Firm“) (CSE: PDFI) is happy to offer an operational replace, additional to its press launch dated October 19, 2021, on its wholly owned subsidiary, Layer2 Blockchain Inc. (“Layer2” or the “Subsidiary“)
Layer2 Blockchain Funding Replace
Since our press launch of October 19th highlighting the primary 90 day of operations, Layer2 has continued to provide vital returns from current positions, producing yield and capital good points of $2.98M from its unique $3.65M in deployed capital in beneath 120 days of operations. The deployed capital now stands at $6.63M and we’re happy to announce that on November 11th, Prophecy DeFi offered further capital to Layer2 with a view to reap the benefits of new market alternatives. This will increase Layer2’s whole deployable capital base to $7.13M.
Layer2 is uniquely positioned within the business to establish and supply liquidity to rising DeFi protocols. The workforce continues to find compelling alternatives, deploy capital, and generate outsized returns. Layer2’s capability to execute on its technique is because of its place within the business as true DeFi operators, who’re figuring out high-quality DeFi tasks and dealing alongside the Founding Groups of those protocols to develop into a liquidity accomplice on the time of their launch.
Impermax is a innovate new DeFi protocol that has launched on Polygon, Arbitrum and Avalanche, all layer two blockchain protocols, within the final three months. This multichain enlargement has pushed speedy development of their TVL from $8M to over $50M. Impermax offers customers the flexibility to borrow towards their current LP tokens, through the use of them as collateral. This enables subtle buyers to leverage their LP positions to maximise yield and IMX is the primary permissions protocol to supply this service.
Layer2 recognized this undertaking as an rising DeFi protocol, which has super potential. Recognizing this, Layer2 labored immediately with Impermax’s founders to amass a place of IMX, the protocol’s governance token. To this point, Layer2 has deployed $152,832 within the type of single sided and conventional liquidity to Impermax, which now has a market worth of $473,549 and has returned an extra $44,595 in yield.
“The Layer2 workforce has been an incredible accomplice of Impermax’s since we first deployed on the Polygon blockchain. Prophecy and Layer2’s sturdy connections inside the Decentralized Finance and layer two blockchain business will proceed to allow IMX’s speedy development to a billion-dollar DeFi protocol.” commented Simone Rigolon, CEO of Impermax Finance.
Further DeFi Alternatives
Layer2’s positions are at the moment unfold throughout Polygon, Ethereum and Binance Sensible Chain. These positions are concentrated in ETH, BNB, SX, and MATIC tokens.
Prophecy DeFi’s conviction within the development of Decentralized Finance is proving to be correct, with the Complete Locked Worth (TVL) in Decentralized Finance protocols now standing at over US$270B, in keeping with DeFi Llama, which represents an approx. 1,725% enhance from one 12 months in the past. There are actually 26 blockchains and 500+ DeFi protocols, with this quantity growing each week. The Layer2 workforce believes it can proceed to generate vital month-to-month yields on capital as alternatives proceed to proliferate.
Andrew Younger, Layer2 Blockchain Chief Govt, mentioned: “The expansion in Complete Locked Worth in Decentralized Finance protocols has been explosive and is constant to offer Layer2 with super alternatives to deploy capital.”
“The Decentralized Finance sector stays at its infancy, and we essentially imagine that development and adoption is inevitable,” commented John McMahon, CEO of Prophecy DeFi. “The Layer2 workforce has honed their abilities in figuring out the most effective tasks, negotiating positions, and injecting capital to understand outsized returns. Their entry to the highest tier tasks, coupled with their capability to barter positions at “day zero” is offering our buyers with what we imagine is one of the best ways to capitalize on this rising and explosive sector. And for that purpose, we’re advancing further capital to the workforce.”
As one of many few public corporations devoted to working immediately within the layer two DeFi house, the corporate believes it’s uniquely positioned to satisfy the rising liquidity provisioning wants of the market. PDFI intends to proceed advancing further capital into the Layer2 enterprise to extend publicity to DeFi associated digital belongings. An ever-increasing capital base has the impact of probably growing absolute returns. Additional, Layer2 compounds 100% of its returns into further buying and selling positions.
About Prophecy DeFi
Prophecy DeFi (CSE: PDFI) formally launched on June twenty third, 2021. The corporate goals to convey collectively expertise start-ups within the Blockchain and DeFi sectors to fund innovation, elevate business analysis, and create new enterprise alternatives in a coherent ecosystem.
Sure data set forth on this information launch might include forward-looking data that includes substantial recognized and unknown dangers and uncertainties. This forward-looking data is topic to quite a few dangers and uncertainties, sure of that are past the management of the Firm, together with, however not restricted to, the influence of basic financial situations, business situations, and dependence upon regulatory approvals and the likelihood that the completion of the transaction might not happen. Readers are cautioned that the assumptions used within the preparation of such data, though thought-about affordable on the time of preparation, might show to be imprecise and, as such, undue reliance shouldn’t be positioned on forward-looking data. The events undertake no obligation to replace forward-looking data besides as in any other case could also be required by relevant securities legislation.
Neither the Canadian Securities Change nor the Funding Trade Regulatory Group of Canada accepts accountability for the adequacy or accuracy of this launch.
SOURCE Prophecy DeFi Inc.