xToken Raises $2m to Grow its Decentralized Asset Management Platform
We’re excited to announce a $2m fundraise from a group of previous supporters and new backers. Our investors are aligned with our vision of building a vertically integrated, decentralized asset management platform.
Many of our seed backers are participating again including Joe Buttram (Zeal Capital), Thomas France (Cygni Capital), Origin Capital, Loi Luu (& Kyber team) and Kain Warwick. Additionally, we’re excited to welcome Lattice Capital to the xToken community. Lattice Capital co-founder Regan Bozman has been a supporter of xToken since the early days and we’re excited to have the Lattice team onboard.
xToken Today
It’s been a rollercoaster 18 months since we started work on xToken, but we believe that the community and protocol have never been stronger. Today, xToken has 11 full time team members (and several part time contributors) dedicated to realizing our vision and a strong, highly engaged community with over 10k Discord members and Twitter followers.
Since launch, we’ve built products in the native staking and liquidity provision spaces, and we have much much more in the works.
Today, xToken is an ecosystem of passive and composable DeFi strategies including
- Native staking strategies like xAAVE (~$250m in primary volume)
- Efficient Uniswap V3 strategies (~$50m in primary volume)
xToken Tomorrow
This fundraise will provide us the necessary runway to execute on our exciting pipeline of product releases. Here are some of the projects we’re working on!
Arbitrum Rollout + xToken Lending
We recently published an update on our L2 strategy. We’re making a major investment in Arbitrum, including our first deployment of our upcoming xToken Lending protocol. “xLend” will serve our users as an easy access point to leverage on vanilla assets like ETH, WBTC, LINK and SPELL, on yield-generating assets like xToken LP strategies and eventually on staking solutions native to L1 and L2. Additionally, it will serve as a launchpad for xToken leveraged strategies that we discuss more below.
xToken Terminal
Via products like xU3LP and frameworks like xAssetCLR, we’ve developed an expertise in building on top of Uniswap V3. We’ve also experimented with several flavors of liquidity mining and incentive structures, providing us insight into some of the tools that DeFi projects need to have at their disposal.
With this in mind, we’re building a generalized liquidity mining framework for Uniswap V3 where anyone will be able to incentivize liquidity within a concentrated price range in just a few intuitive clicks. Using our portal, pool admins will be able to configure vesting periods, reward durations and rewards rates. LPs will be able to track their positions, discover new incentive programs and claim/vest rewards, all through our easy interface.
We intend to deploy Terminal on L1, Arbitrum and Optimism.
LP Strategies
We have a number of LP strategies in the pipeline, including new instances of xU3LP. We’re also working on LP strategies built for perpetual trading protocols like Perpetual, Futureswap and dydx. These strategies will be deployed on a combination of L1, Arbitrum and Optimism.
Native Staking Solutions
xToken started as a solution for pooled native staking and we continue to emphasize this line of business. Our upcoming products include xUMA, xHEGIC, xPERP and xLQTY, among others.
Levered Strategies
Part of the benefit of launching our own lending protocol is that we have an opportunity to craft safer and more efficient leverage strategies like xETH3x, xAAVE3x, xSPELL3x and xU3LP3x. In some cases, these are yield-generating levered strategies, where the yield pays for the cost of borrowing. We’re working to have these strategies ready around the time of our Arbitrum launch.
Final Thoughts
DeFi is here to stay and we’re energized to be building useful, practical products in a rapidly growing space. If you’re interested in learning more about xToken or contributing to the project, join us in Discord and follow us on Twitter. More updates coming soon!
