DEFIRE – Defi for Cardano
DeFIRE, which is a kind of decentralized smart routing system incorporated on Cardano, announced that it had managed to raise $5 million.
The funding was held ahead of its forthcoming Initial DEX Offering. It saw major players participate, both from legacy and crypto-centric firms.
The fact that this venture has piqued the interest of so many entities at this initial stage is good news for DeFIRE and Cardano.
This routing engine will serve as the first fiat on-ramp for Cardano. It will also be the cryptocurrency’s substitute for native tokens. Specifically, it will enable token holders to exchange one Cardono token for another using direct means.
DeFIRE will double up as an avenue for implementing services, especially the decentralized exchanges for:
- Order routing services taking place across DEXs
- Substituting tokens
- Go-between services between DEXs and wallets
A distinguishing trait that sets this platform apart from the crowd is that it provides a low latency decentralized service.
Furthermore, it has the capacity to tackle institutional order flow originators as well as conventional demands received from retail merchants.
It’s good to point out that DeFIRE was one of the first inventions from OccamRazor. Occam’s President, Mark Berger, expects that Cardano will yield considerable liquidity flows as soon as Alonzo is launched.
The $5 million that was raised during the pre-IDO funding will be used to facilitate several things. One, it will help to optimize token liquidity, which is particularly important in these initial stages.
Two, it will be used to create and foster community support. Lastly, it will come in handy in test price discoveries.
If the IDO is a success, DeFIRE plans to set up a decentralized form of governance for its ecosystem. It intends to achieve this by executing the Decentralized Autonomous Organization (DAO).
Many entities are looking up to DeFIRE to see what will become of it, even in this early phase. But having secured the pre-IDO funds marks a step in the right direction.