-
Exotic Markets raised $5 million in December 2021 as it prepared to launch its DeFi protocol.
-
The DevNet enables users to test features and supports five tokens – Bitcoin (BTC), Solana (SOL), Serum (SRM), Raydium (RAY) and USD Coin (USDC).
-
The protocol’s mainnet is expected to go live at the end of March.
Exotic Markets, a decentralized asset management protocol built on the Solana blockchain, went live on DevNet on Friday, February 18, 2022.
With this launch, Exotic Markets introduced its first dual-currency vaults and accumulators, offering users a range of structured yield opportunities within the expanding decentralized finance ecosystem.
What are dual-currency vaults?
Dual-currency vaults allow DeFi participants to deposit tokens and earn rewards based on the performance of the deposited asset. For users seeking diversification, the protocol’s accumulator feature enables dollar-cost exposure to selected tokens by gradually acquiring them when prices dip.
The protocol’s alpha release gives users the chance to experiment with its flexible structured products. On mainnet, packaged investment products will be designed to deliver returns in stablecoins rather than governance tokens.
On DevNet, users can track their investments and perform swaps, with usability enhanced by compatibility with popular Solana wallets such as Phantom and Solflare.
NFT coupons for top and bottom performers
Users can access a real-time leaderboard to monitor performance. The platform will reward both top performers and the most active users, and it will also issue NFT coupons to participants who rank among the lowest performers, creating broader engagement incentives across the user base.
Initially, the DevNet deployment supports five tokens: Bitcoin (BTC), Solana (SOL), Serum (SRM), Raydium (RAY) and USD Coin (USDC).
Looking ahead, Exotic Markets plans to launch on mainnet by the end of March 2022 and to introduce its native EXO token.
A private fundraising round led by Multicoin and Ascensive Assets raised $5 million in December 2021. The round also saw participation from Animoca Brands, Morningstar Ventures, Alameda Research and Solana Capital.
Image credit: Exotic Markets