coinspress.com
Granary Finance, a DeFi lending protocol, has raised over $5 million in under two weeks through a community-driven fundraising event.
This shows that decentralized interest continues to thrive despite the ongoing cryptocurrency bear market. The fundraising event aims to support the development of Granary V2, which was developed with the help of the EVM-focused Byte Masons Group.
Unlike conventional and centralized crypto lenders like Celsius and Voyager, which were hit hard in the debt liquidity crunch of 2022, Granary was created as a DeFi lending alternative.
The fundraising event is categorized as a “liquidity generation event” (LGE) and is intended to power the release of Granary’s governance token. The team behind Granary envisions becoming the “first truly user-centric decentralized lending platform.”
The fundraising goal was initially set at $5 million USDC, which was slightly exceeded by publication time. The Granary team plans to continue the fundraising event throughout the weekend.
The emergence of decentralized alternatives, including protocols and layer-2 solutions powered by DAOs, has provided crypto natives with opportunities to participate in grassroots initiatives. At the same time, traditional financial institutions have taken a step back from the sector.
The cryptocurrency industry’s performance in 2022 has slowed the torrent of capital flows from external funding sources.
One significant factor in Granary’s success was the team’s offer of discounted terms on their protocol investments through NFT and DeFi projects. The discount was contingent on connecting a wallet with an “associated NFT” to Granary’s ecosystem.
Granary’s LGE features vesting periods ranging from instant liquidity up to 20 quarters, with yield terms varying accordingly.
Granary aims to become the center stage in frictionless lending experiences in Web3 finance. The team is thrilled that their community recognizes the potential of this next-generation DeFi solution.