coincodex.com
Key highlights:
- DeFi project Moma Protocol raised $2.25 million in funding in a round led by Fundamental Labs and SevenX Ventures
- Moma Protocol is building a DeFi platform where users can launch customizable launch and lending pools
- The platform uses a governance and incentive token called MOMA
DeFi Project Moma Protocol raises $2.25 million
DeFi project Moma Protocol has raised $2.25 million in a funding round led by Fundamental Labs and SevenX Ventures. Examples of other investors that participated in the round are AU21 Capital, Blocksync Ventures and BuildingBlocks.
Moma Protocol is building a DeFi platform where users can create launch pools and lending pools. Launch pools can be used to distribute tokens to users who stake specified crypto assets. They can later be upgraded to lending pools that provide functionality similar to Compound with customizable interest rate models, risk management and other parameters. Launch pools and lending pools are created through a smart contract "factory" developed by the Moma Protocol team.
Moma Protocol is currently live in beta and the team expects to launch an official version within this quarter. The project is first launching on the Ethereum blockchain, but also plans to deploy their platform on Polkadot.
The protocol also features a native token called MOMA that functions as a governance token which also provides certain privileges to holders. MOMA holders can benefit from a portion of the transaction fees generated by Moma Protocol, and will also get other perks related to the platform’s lending markets. 50% of the total supply of 100 million tokens will be distributed through incentives for platform participants.
In terms of governance, Moma Protocol plans to transition towards full on-chain governance by MOMA token holders in the future.
FBG Capital was also among the investors who backed Moma Protocol’s $2.25 million round. FBG CEO Shuji Zhou explained why his firm decided to back the project:
"Moma Protocol meets the lending needs of long-tail assets by providing a proprietary smart contract factory that combines the strengths of Uniswap and Compound, to produce an unlimited number of customizable lending pools, thereby bringing more assets into the current lending market to increase the liquidity, diversity and scalability of the DeFi ecosystem, which is something to look forward to."