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Kokoa Finance Raised $2.3M in Funds to Build Klaytn DeFi

Kokoa Finance Raised $2.3M in Funds to Build Klaytn DeFi News
  • Kokoa Finance has successfully completed its $2.3M funds led by Hashed.
  • The funding will be used to build Klaytn DeFi.

Kokoa Finance has successfully completed its $2.3 million funds led by Hashed. Aside from Hashed, Sky Vision Capital, a41 Ventures, and a number of individual angel investors also led the fund.

Moreover, the funding will be used to build Klaytn DeFi. In fact, Klaytn is the blockchain launched by KakaoTalk company Kakao. This most prominent Klaytn blockchain was launched in 2019.

More so, the platform has seen great success owing to its partnership with KakaoTalk and the native Klip wallet. Added to this, the platform’s capitalization has reached $4 billion due to its adoption in Korea.

Despite this success, Den’s DeFi ecosystem is rapidly emerging, offering lucrative opportunities for projects like Kokoa Finance. Specifically, Kokoa Finance is establishing the Kokoa Stable Dollar (KSD) stablecoin system, similar in architecture to the DAI system on Ethereum.

By using Kokoa’s collateralized vault model, MakerDAO borrowers will no longer be required to pay interest for constructing stablecoins. As a result, assets held in Kokoa Collateralized Debt Positions can be used to generate yield for Klaytn, thereby generating low-risk yield and increasing capital efficiency.

Added to this, the structure enables KSD borrowing at zero interest rates. Thus, enabling KSD to serve as a kind of advance on future yields. The model chosen by Kokoa is expected to maintain stability. Thereby, avoiding the pitfalls found in many algorithmic stablecoin projects.

Kokoa Finana Borrow Feature
Kokoa Finance Borrow Feature (Source: Kokoa Finance)

Upon the initial launch, the Kokoa team will introduce DAO governance and integrate features to grow the KSD ecosystem. Even more, these features include margin trading, leveraged yield farming, a generalized synthetic asset protocol, and a stable swap platform.

Founder and CEO’s Opinion on Klaytn

Kokoa Finance Founder Jwon Do and Hashed Co-founder and CEO Simon Seojoon Kim stated their opinions on Klaytn.

Jwon Do said,

We believe Klaytn is one of those hidden gems platforms that’s going to make waves in the future…By launching Kokoa and KSD first, we expect to start the flywheel of DeFi adoption on this chain and lay the carpet for new builders and users.

Simon Seojoon Kim explained the Klaytn ecosystem has been under the radar, but now the Kokoa team has the opportunity to serve as the primary DeFi entry point.

Furthermore, Hashed added that it was impressive to see the team take lessons from the first generation of protocols and refine them to create something better using existing DeFi primitives.

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