Qilin Protocol, a decentralized volatility protocol, has raised $800,000 in its initial round, funded by Continue Capital, Fundamental Labs, Math Foundation, Multicoin Capital, Yuanyuzhou Ventures and other institutions.
After two months of public testing, the Qilin v1 will be officially launched on the Ethereum mainnet within a week. This round of funding is mainly used for the development of Qilin’s v2. The core features of Qilin v2 include: creating a liquidity pool without permission, creating an altcoin reverse contract trading without permission, designing and implementing a reward mechanism for Rebase operators, designing and pre-researching the Uniswap-based oracle machine, deploying a price shifting mechanism, optimizing and upgrading the trading experience, and expanding the soft and hard wallets supported by Qilin.
Qilin’s core believes that this funding raised by various professional institutions not only reflects the recognition of Qilin but also a large number of constructive opinions from professional perspectives to the project. For Qilin, volatility is far more important than liquidity for altcoins, so it has designed an innovative decentralized on-chain risk control and dynamic liquidity supply mechanism. This innovation aims to provide the ability to build permission-free on-chain reverse and forward contracts for altcoins.
Lead investor Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens and blockchain companies reshaping trillion-dollar markets. In response to this round of funding, Multicoin Capital said:
“We have been firmly investing in the crypto economy industry. The derivatives market is one of the areas we have been focusing on. The Qilin team’s understanding of derivatives is very professional and forward-looking. We hope that Qilin’s launch will thoroughly unleash the potential of the crypto derivatives market.”
Qilin is a decentralized volatility protocol that aims to equip the crypto market with the ability to long any asset’s volatility, including reducing the risk of liquidity providers through Rebase Share, increasing capital utilization by providing an elastic liquidity supply range, efficiently realizing liquidation with comprehensive liquidation engine and so on.
More information
Website: Qilin.fi
Medium: https://qilinprotocol.medium.com/
Twitter: https://twitter.com/QilinProtocol