Singapore, Singapore, October 10, 2024, Chainwire
Leading investors have joined forces to support Yala’s vision for a multi-chain ecosystem connected to Bitcoin.
Yala, Bitcoin’s liquidity protocol and stablecoin issuer, announced the successful completion of a seed funding round that was oversubscribed 3x. The round was co-led by Polychain Capital and Ethereal Ventures, with participation from notable investors including Galaxy Vision Hill, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, HashKey Capital, L2 Iterative Ventures (L2IV), SatoshiLab, and UpHonest Capital. , UTXO Management and 280 Capital.
Yala’s team raised a seed round of $8 million at an undisclosed valuation to fund the expansion of its engineering, growth, and security teams ahead of the mainnet launch. This follows over 2,000 BTC in deposits pledged by investors.
Yala’s mission is to secure Bitcoin liquidity through a protocol that combines stablecoin issuance and a multi-chain ecosystem. The modular architecture supports cross-chain deployments across EVM-compatible platforms such as Ethereum and non-EVM systems such as Solana, improving Bitcoin composability and driving a connected Bitcoin DeFi ecosystem.
Support for key investor highlights
“Our strategy is to invest in and support startups to build an ecosystem based on powerful synergies. “With stablecoins, Yala will bridge the gap, allowing the Bitcoin ecosystem to thrive with strong liquidity.” Polychain Capital Team.
“Yala’s approach addresses the current liquidity gap in the Bitcoin ecosystem. The first-mover advantage combined with the team’s exceptional execution speed will open up new opportunities in BTC-related DeFi innovation. EV is delighted to support them on their journey,” he added. Min Teo, Managing Partner and Co-Founder of Ethereal Ventures.
Yala’s Vision
Yala is building a modular infrastructure to deploy cross-chain modules, improving Bitcoin composability across the ecosystem. The main components of the Yala protocol are:
- Overcollateralized stablecoin protocol: It is a Bitcoin-based stablecoin that guarantees security and stability.
- metamint: Stablecoins can be issued directly from the Bitcoin mainnet of the target chain.
- Insurance Derivatives Services: We provide comprehensive insurance solutions within the DeFi ecosystem.
Yala’s multi-token system aims to increase Bitcoin cross-chain liquidity, featuring $YU (a Bitcoin-backed stablecoin) and $YALA (the governance token of the Yala ecosystem). $YU allows Bitcoin holders to potentially profit from a variety of cross-chain DeFi protocols while maintaining the security and stability of the Bitcoin network.
“Yala is revolutionizing Bitcoin’s role in decentralized finance,” he said. Vicky PoohYala co-founder and CTO. “By issuing a Bitcoin-backed stablecoin and creating a programmable cross-chain module, we will not only improve liquidity, but also build a bridge connecting Bitcoin to the broader DeFi ecosystem, opening up unprecedented opportunities for innovation and growth. I give it to you.”
Road to mainnet
Yala is set to launch its testnet next week and has several major developments planned.
- Testnet V0: $YU stablecoin issuance and Pro mode.
- Testnet V1: $YU stablecoin lite mode that provides meta returns.
- V1 release: Insurance module and security upgrades.
- V2 released: Governance framework launched.
Yala’s roadmap is focused on building a strong liquidity layer that connects Bitcoin to major Layer 1 and Layer 2 ecosystems. The team encourages the community to participate in the upcoming testnet as it builds momentum toward mainnet launch.
For more information and to keep up to date with Yala’s progress, visit yala.org..
About Yala
Yala is building to unlock the full potential of Bitcoin liquidity by connecting the Bitcoin liquidity layer to the multi-chain ecosystem. The modular approach supports deployment on both EVM-compatible platforms and non-EVM systems, with the goal of fostering a robust and interconnected Bitcoin DeFi ecosystem. Key features of the Yala protocol include an overcollateralized stablecoin protocol, insurance derivatives services, and MetaMint functionality to enable seamless liquidity between Bitcoin and other ecosystems.
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contact
Co-founder, COO
Zhang Kaitai
Yala
(email protected)