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Exotic Markets raised $5 million in December 2021 as it prepared to launch its DeFi protocol.
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The DevNet release will let users test features and supports five tokens — Bitcoin (BTC), Solana (SOL), Serum (SRM), Raydium (RAY) and USD Coin (USDC).
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The protocol’s mainnet launch is expected by the end of March.
Exotic Markets, a decentralized asset management protocol built on the Solana blockchain, went live today on DevNet, Friday, February 18, 2022.
With this release, Exotic Markets introduced what it calls the first-ever dual-currency vaults and accumulators, offering users a range of payout profiles within the expanding decentralized finance ecosystem.
What are dual-currency vaults?
Dual-currency vaults allow DeFi participants to deposit tokens and earn rewards that depend on the performance of the deposited asset. Users seeking diversification can expand their portfolios using the protocol’s accumulator feature, which helps holders acquire target tokens when prices reach specified low levels.
The protocol’s alpha version also enables users to experiment with flexible structured products. On mainnet, the ready-made investment products are planned to deliver returns in stablecoins rather than governance tokens.
On DevNet, users can monitor their investments and manage swap agreements, with the interface designed to work seamlessly with popular Solana wallets such as Phantom and Solflare to improve usability.
NFT vouchers for top and bottom performers
Users will have access to a real-time leaderboard to track performance. A unique element of the protocol awards NFT vouchers not only to the highest-performing and most active participants but also to those who performed worst, offering incentives across the spectrum of user outcomes.
Initially, the DeFi protocol supports five tokens on DevNet: Bitcoin (BTC), Solana (SOL), Serum (SRM), Raydium (RAY) and USD Coin (USDC).
Looking ahead, Exotic Markets aims to launch its mainnet by the end of March 2022 and plans to introduce the EXO token as part of that rollout.
Multicoin and Ascensive Assets led a $5 million private funding round in December 2021, with participation from Animoca Brands, Morningstar Ventures, Alameda Research and Solana Capital.
Image credit: Exotic Markets