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DeFi Project Cook Protocol Receives Investment From OKEx's Block Dream Fund | CoinCodex

coincodex.com 16 March 2021 11:00, UTC
Reading time: ~2 m

Key highlights:

  • Block Dream Fund has invested in Cook Protocol
  • Cook Protocol is a DeFi project building a decentralized asset management platform
  • Cook Protocol CEO Adrian Peng said that alongside the funding, the investment will also bring business development assistance and valuable connections

OKEX-backed Block Dream Fund invests in Cook Protocol

Cook Protocol, an Ethereum-based decentralized finance project has announced an investment from Block Dream Fund, an investment arm established by the OKEx cryptocurrency exchange. Cook Protocol and Block Dream Fund did not disclose the size of the investment.

Cook Protocol is a decentralized asset management platform where fund managers can deploy index-based or actively managed funds, where a user’s share in a specific fund is represented by ckTokens. In accordance with the strategy set by the fund manager, the fund can then allocate assets into decentralized trading and lending protocols that have been whitelisted by the Cook Protocol community. The protocol also leverages multiple decentralized oracle solutions, including Chainlink, Band Protocol, Uniswap Oracle, and others.

The protocol’s governance is facilitated through COOK, a token used to create on vote on proposals for changing certain aspects of Cook Protocol. This includes decisions such as whitelisted DeFi protocols, fee adjustments, as well as changes to the governance model itself. 60% of the total COOK supply will be distributed to the protocol’s users through mining rewards.

OKEx has allocated a total of $100 million for the Block Dream Fund to use in its investments. Already last year, OKEx was quick in responding to the sudden surge in demand for DeFi by listing a huge variety of DeFi-related tokens. Through Block Dream Fund, OKEx is now looking to get involved in the DeFi space more directly. 

Here’s what Cook Protocol CEO Adrian Peng had to say about the backing from Block Dream Fund:

“It is an absolute pleasure to receive funding from OKEx’s Block Dream Fund. We are sure that their investment will help us a great deal in our way forward with Cook Protocol. Apart from the funding, Block Dream Fund will also help us establish valuable connections and assist us with business development. This reflects their dedication to each project they invest in and certainly indicates how enormously we will benefit from their assistance.”

The Cook Protocol team has been making progress behind the scenes – the team says that it has finished the development of its HECO index, and the code is currently being audited by SlowMist. The team has also made progress of the Cook Protocol’s platform front-end, completing the design and beginning front-end development.

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