One of the promising decentralized finance (DeFi) platforms, Don-key, has raised fresh capital for expanding its product lineup. It was announced that Don-Key completed a $2.2 million seed round led by Black Edge Capital, AU21. Genesis Block Ventures, Spark Digital, MarketAcross, Solidity Ventures, MoonWhale, and Morningstar Ventures.
Don-Key, which operates a Defi yield farming platform, plans on earmarking the funds for staffing and new product launches in 2021, according to a statement.
The company has just announced it will be hosting its IDO on May 11th on SuperStarter launchpad.
Yield farming protocols are one of the latest additions to decentralized finance apps. Although these Defi platforms function quite differently from centralized platforms, their edge has ties to what assets are being lent on. These offerings mostly rely on a decentralized network of lenders and borrowers, who use smart contracts to arrange collateral and payment terms.
Don-key is the first Defi platform that brings together yield farmers with liquidity providers. It aims to become the eToro of yield farming by solving the pain points of this industry that presents users with a high barrier-to-entry, cost and risk.
Don-key provides a social-like platform that gives novice investors a low-cost, frictionless way to pool their liquidity by copying the strategies of experienced traders. Copying portfolios of experienced yield farmers can be also an educational tool for people who wish to learn how to allocate their crypto assets across different projects on their own.
In a nutshell, the service allows investors to copy the yield framing deals in automatic or manual mode. For masters, Don-key.finance is an opportunity to earn by growing subscribers base and getting profit out of their copied Defi deals.
Traders embrace ‘DeFi’ and ‘yield farming’
The concept of liquidity farming involves both investors and speculators supplying liquidity to the platform providing lending and borrowing services. In return, the yield farming platforms pay high interest rates as a passive income for your crypto holdings.
Gil Shpirman, Co-Founder and CEO of Don-Key said: “We are very excited to see our vision come to life, I think that what is so special about our project is that everyone that is working on it, is also going to be a future user once we launch. That’s not something you see on every project, and I think it says a lot of what we are trying to build here.”
“We are excited to be partnering with Don-Key to bring social trading to DeFi. The growth of the DeFI industry has been breathtaking, but the experience is still difficult for many new users. Don-Key addresses this with customizable strategies and ‘copy farming’ make the decision making simpler for the common user. We look forward to developing the product and growing the feature set with them,” said Leslie T, Cofounder and Partner, GBV
The main feature of Don-Key is copy farming, an auto-invest tool to subscribe to farming opportunities by following top farmers and browsing the platform’s leaderboard.
Additionally, other services are helpful for traders: Strategy Builder, Farmer reputation based on proven APY results and historical track record, and non-custodial pools.