Two of the largest problems facing DeFi today are capital efficiency and decentralization. With stablecoins this is especially relevant. The most popular stablecoins on Ethereum and other chains today are either heavily overcollateralized, limited in minting size, and/or backed by centralized collateral seizable by governments and institutions. Further, with transaction fees reaching new all-time highs on Ethereum L1, it has become untenable for most users to mint and use stablecoins on Ethereum’s mainnet.
Vesta was created to tackle these problems through a decentralized, high LTV/low collateralization ratio yet still overcollateralized, and L2-first stablecoin. Feel free to visit our introduction blog to learn more about our approach, vision, roadmap, and what sets us apart from previous designs.
We understand that to accomplish our goals, it is best to do it with a group of dedicated supporters aligned with our long-term vision to build a capital-efficient and decentralized stablecoin. That is why today we are excited to announce the completion of a small and carefully crafted fundraising round. Funds acquired in this diversification will be allocated to onboarding existing contributors full-time and supporting new contributors well into the future.
The round’s participants include: Tetranode, DCFGod, Fiskantes, Not3Lau Capital, Sam Kazemian, 0xmons, Wangarian, OmniscientAsian, PopcornKirby, Nick Chong, Calvin Chu, Jae Chung, Anthony Sassano, Eric Conner, Mariano Conti, Shuyao Kong, Feir, and many more.
Vesta’s contributors were careful in selecting the group of partners for this round, optimizing for community-first investors who have a reputation for contributing ideas and resources, not just capital.
To fully align the interests of our strategic partners, their coins will be vested under the same terms as the contributors’ coins. Further, the round was kept purposefully small at only 6% of the total supply to limit the centralization of coins and ensure that ample tokens would be left over for future contributors and strategic economic action initiatives. A majority of DeFi projects allocate 20–25% of their token supply to pre-launch partners.
We are also proud to announce that two of our angel investors have joined Vesta as strategic advisors: DCFGod and Not3Lau Capital. These parties have been instrumental in bootstrapping and directing the development of many of DeFi 1.0 and 2.0’s leading protocols. These advisors join 0xMaki, who has been instrumental in many facets of Vesta since almost day one.
We are excited to step forward into the next phase of Vesta’s development as we near our launch.
Community has been core to Vesta since it was announced just over a month ago. Vesta’s contributors are thankful for all the support from our community early on, and are actively crafting ways to give back ahead of and after the launch. Stay tuned.
For those looking to join our community, please visit our Discord. We are always looking for feedback on the product and on other facets of the protocol.
Thank you all for your continued support. More updates regarding the launch will be coming soon.
Ave Vesta!
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