zkLend, a StarkNet-based Layer-2 (L2) money-market protocol, has received $5 million in early investment from a group of investors led by Delphi Digital.
The protocol revealed many stakeholders, including StarkWare, Three Arrows Capital, Genesis Block Ventures, Alameda Research, CMS, MetaCartel DAO, DCVC, Amber Group, and other major Web 3.0 angels, participated in the investment round.
On StarkNet, zkLend is developing a next-generation money market. In addition, it aims to promote the idea that the breakthroughs underpinning zk-rollups are the final solution to the Ethereum blockchain’s congestion problems. Artemis, a Decentralized Retail Finance (DeFi) product, and Apollo, an allowlisted institutional borrowing and lending solution, are two of the startup’s distinctive offerings.
The business claimed it would utilize the fresh capital to deploy both of the featured products to position them as the go-to money legos in the StarkNet layer-2 protocol‘s burgeoning universe. However, while the Artemis product is set to launch this year’s third quarter, institutional investors will have to wait until 2023 to get their hands on Apollos.
StarkNet, an Israeli firm, was on pace to acquire $100 million from investors earlier this month as it joined a slew of comparable protocols developing a zk-rollup solution.
While the wider digital currency ecosystem is still warming up to the possibilities of these emerging technologies, industry heavyweights like Vitalik Buterin’s support for protocols developing solutions in this sector indicates hope for their future.
To further its goal and vision, zkLend has announced that it will be employing additional employees in technology, marketing, and business development.