Decentralized lending protocol Echelon has successfully raised $3.5 million in a seed funding round led by Amber Group, with participation from various crypto venture capital firms. The funding is aimed at enhancing the decentralized finance (DeFi) ecosystem, as detailed in their recent press release on August 27.

Echelon plans to use the seed funding to expand its product offerings, grow its team, and implement a treasury, cross-chain vaults, and real-world asset-backed strategies. These initiatives are expected to bolster the platform’s capabilities and reach.

Echelon’s Money Market Platform

Echelon offers a money market platform for the borrowing and lending of crypto assets through non-custodial pools. This functionality allows users to earn interest on their crypto holdings and leverage their assets to increase their purchasing power. The platform also provides further earning opportunities via staking and real-world assets.

Expanding Across DeFi and RWAs

Echelon is committed to extending its products across various DeFi and Real-World Asset (RWA) platforms, including Aptos and other proof-of-stake blockchains built with the Move programming language. The Rust-based language has gained popularity in the smart contracts space, especially since its implementation in Meta’s Diem project. Sui is another notable project utilizing the Move programming language.

Targeting Movement and Interoperable dApps

Additionally, Echelon plans to target Movement, a network of modular Move-based blockchains where developers can build interoperable decentralized applications (dApps) that bridge Move-based platforms and Ethereum Virtual Machine (EVM) ecosystems. Movement is notable for being Ethereum’s first Move-EVM layer-2 network.

Movement Labs recently raised $3.4 million in a pre-seed funding round, with the funds directed towards a software development kit aimed at the web3 interoperability ecosystem.

Strategic Partnerships

Besides Amber Group, Echelon’s seed funding round saw participation from several strategic partners, including Laser Digital, Selini Capital, Interop Ventures, Saison Capital, and Re7. These partnerships are expected to provide valuable support and resources as Echelon advances its mission.

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