Spicenet Raises $3.4 Million in Seed Funding

DeFi protocol Spicenet has wrapped up a seed funding round of $3.4 million led by Hack VC and Magnus Capital. This accomplishment marks not just the beginning of an exciting chapter, but is also a crucial step in its mission to transform the way they build and trade in crypto.

Spicenet is driven by three core values in completing this mission:

• Performance
  Every leap in performance drives better capital efficiency, liquidity turnover, and unlocks unprecedented use cases. The vision is blockchains delivering a real-time, instant UX — bringing us closer to an “on-chain NASDAQ"
• Network level liquidity and infrastructure
  Liquidity and trading infrastructure should be integrated at the network level. By enabling trading applications to compose over a single liquidity layer, Spicenet eliminates fragmentation and fosters seamless interaction across the ecosystem
• DeFi innovation
  DeFi fatigue — marked by forks and fragmented liquidity — has held the space back. Launching the next big trading invention should take weeks, not years

The unified composable liquidity layer

• Spicenet enables applications to share and grow liquidity together, creating a snowball effect with every application that joins the network
• The protocol unites solvers and market makers in a single network and allows both forms of liquidity provision from other chains without bridging assets to Spicenet
• Its unified margin system enhances capital efficiency, enabling liquidity providers to maximize the impact of every dollar
• At the core of this model is Spicenet’s commitment to building network-owned liquidity
• Through a Liquidity Generation Event (LGE) at launch, the network is bootstrapped with liquidity to facilitate initial volume and route requests for liquidity to other chains

The road ahead

• Spicenet is on the brink of launching its private testnet, with the final bug fixes underway
• There are already 25 validators waiting in queue showing early interest in Spicenet’s adoption

The macro picture

• Projects across the board have been amassing funds of late
• Decentralized AI and computing infra project Exabits raised $15 million in a seed funding round led by Hack VC
• Meanwhile, Eclipse-native stablecoin platform raked-in $3.9 million in its seed round with contributions from Animoca Ventures, CMS Holdings, Bloccelerate, and WAGMI Ventures