DeFi Protocol iZUMi Finance has raised $22 million in a recent funding round. The funds will be used in the development of iZiSwap Pro, the start-up’s zkSync era-compatible on-chain order book.
IZUMi provides liquidity-as-a-service, which allows the conversion of cryptos into cash or other assets. Data from DeFi Llama shows that iZUMi’s current assets or locked value are worth $25.3 million.
IZiSwap Pro is a decentralised exchange and uses automated market makers (AMM) to reduce transaction costs and custody risks.
Unlike traditional “cash in, equity out” arrangements, iZUMi created an iZUMi zk-Fund to raise funds in collaboration with its strategic partner Solv Protocol - a semi-fungible token (SFT). For example, investors who purchase the fund receive an SFT to represent their share as limited partners of the fund. Upon maturity, they can redeem it for their principal investment.
Several investors, such as Unicode Digital, NextGen Digital Venture, Bella Protocol and Incuba Alpha, participated in the fundraising.
Zuckerberg’s Metaverse Division Loses $4 Billion
Mark Zuckerberg’s Reality Labs posted a nearly $4 billion loss year-over-year in 2023. Despite a strong first quarter for the Zuckerberg-led parent company Meta, Reality Labs suffered a $4 billion loss. Meta’s profits were $5.7 billion.
In the company’s financial report, Zuckerberg noted that Reality Labs would perhaps see more losses in 2023. In 2022, Reality Labs lost $14 billion.
Zuckerberg said: “We continue to expect Reality Labs operating losses to increase year-over-year in 2023.”
Web3 Protocol Lens Launches Bonzai To Enable Instant Posts
Web3 social media protocol Lens has introduced a new network called “Bonzai” that serves as a layer-3 platform to facilitate the scaling of blockchain-based social media applications.
The layer relies on Bundlr, a decentralized storage platform built on Arweave, for the mass storage of social media data.
It will help preserve posts and share data separately from the Polygon network to boost Lens’ scalability, Cointelegraph reported on April 26, citing a company announcement.
