Wave Financial launches $100M ADA Yield Fund to support Cardano’s DeFi growth

2022-4-5 19:18

Wave Financial LLC (Wave), an SEC-regulated digital asset investment management company, has announced the launch of the Wave ADA Yield Fund.

The fund is designed to provide liquidity with millions in line to support new decentralized finance (DeFi) platforms launched in the Cardano ecosystem starting with an initial $100 million.

“Our new fund will support the new decentralized exchanges, lending protocols, and stablecoin issuers building on Cardano. Each of these decentralized applications adds to the strong foundation of the Cardano blockchain as it realizes a fully functional and diverse ecosystem.”
– David Siemer, CEO of Wave Financial

The new ADA Yield Fund represents the continuation of Wave’s mission to support promising entrepreneurs within the crypto space beyond the early stage and foster greater innovation in the overall crypto ecosystem.

“Since the formal launch of smart contracts in 2021, the Cardano community has launched and funded hundreds of companies building on the Cardano blockchain. Cardano’s growing ecosystem is hosting an ever-expanding universe of applications supporting significant numbers of active users – it’s critical for the success of the ecosystem that Cardano-based projects thrive, and so we are pleased that the ADA Yield Fund is committing substantial financial resources to facilitate continued growth and market acceptance.”
– Charles Hoskinson, Founder of Input Output, the software technology company that has been an early supporter of Cardano

Historically, DeFi dApps are among the most popular in crypto in terms of bringing more users and applications on-chain. Specifically, decentralized exchanges (DEXs) and DeFi lenders have gained the fastest popularity in terms of attracting users and capital.

A DEX typically is set up without market makers, but with two pools of assets that represent each side of a trading pair that serves as a source for DEX counterparties to trade against when they want to transact on either side of the pair. Wave will be using the ADA Yield Fund to provide liquidity to these pairs of pools to support Cardano DEXs.

For DeFi lenders, there will also be a similar form of support to augment liquidity to facilitate lending. Moreover, Wave will continue to support and expand stake pools to strengthen the Cardano network.

“The launch of the Wave ADA Yield Fund, plus the Wave Financial team’s commitment to supporting promising entrepreneurs, indicates a thriving healthy ecosystem. For our community to build the world’s future financial and social operating system, then the strength of our ecosystem matters. We will always be stronger as a collective than as a single unit.”
– Frederik Gregaard, CEO of the Cardano Foundation

The post Wave Financial launches $100M ADA Yield Fund to support Cardano’s DeFi growth appeared first on CryptoNinjas.

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