Float Protocol has recently announced the completion of $1.2 million treasury diversification round.
The Defi money platform is behind the FLOAT token a decentralized un-pegged stablecoin.
FLOAT is one of the first unfixed stablecoin in DeFi contributing “true crypto money” to the ecosystem while bringing a disorganized possible pretense to dollar-pegged stablecoins. FLOAT is targeted to become the currency of DeFi.
Important DeFi DAOs such as MCV and The LAO contributed to the treasury change in addition to strategic partners like Edeb Block, Stani Kulechov from Aave, 0xMaki from Sushiswap, Ana Andrianova from Akropolis, Sunil Srivatsa from Saddle Finance, DeFi investor Santiago R Santos, Batuhan Dasgin, Re7 Capital, Freddie Farmer, Ivailo Jordanov from 7percent ventures, Katya from P2P Capital, Lyuben Belov from Launchub Ventures, and Sergei Chan from BlockScience.
The treasury was completed on-chain via a smart contract, where strategic partners exchanged ETH for BANK, Float Protocol’s utility and governance token.
“Creating a decentralized & censorship-resistant stablecoin is one of the most promising areas in DeFi. That’s where FLOAT comes in as a base pair and medium of exchange and I’m excited to back the team on this journey.” – Santiago R Santos, Defi investor.
“The Float team is among the most skilled devs (doxxed or anon) I have been in contact with so it is a pleasure to support them and participate in their long-term vision” – 0xMaki from Sushiswap.
“web3 needs truly decentralized money and not just another stablecoin or algorithmic coin that’s actually wrapped USDC. MCV is backing Float Protocol to be leaders in this emerging market.” – MCV.
For 4 months the Protocol lives and performed greatly. In the worst week it was established for ETH in 2021 noticing its ‘Basket factor’ reduced to 40%.FLOAT kept stability throughout. To control the price of FLOAT.
At one point during the initial distribution of ‘BANK’, over $1.5bn dollars worth of crypto assets were participating across thousands of active DeFi addresses.
Earlier this year Float Protocol appointed treasury diversification (a path also chosen by Saffron Finance)rather than the formal investment of the Protocol’s emphasis on decentralization. Float Protocol DAO appoints all participants in the treasury diversification
The DeFi economy core team’s goal is now to combine FLOAT across DeFi, starting with lending platforms while organizing the path to FLOAT.
FLOAT primes itself as the “perfect collateral” being less volatile than ETH while still being capital efficient. Float Protocol anticipates integrating with NFT platforms and artists for pricing digital goods due to FLOAT’s low-volatile while closely related to the crypto economy.
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