The Block Crypto News10 minutes ago

Published on July 09, 2024 14:39 GMT+00:00edited on July 09, 2024 14:44 GMT+00:00

The on-chain credit and yield platform Idle raised $1.1  million in strategic funding led by the investment firm RockawayX.

Fasanara Digital also participated in the round to bring Idle's total funding to $2.4 million. The firm plans to use the funds to help further develop on-chain credit infrastructure among other endeavors, Idle Chief Marketing Officer Biaf told The Block.

Idle is a decentralized autonomous organization (DAO) providing yield automation and hedging tools for the decentralized finance (DeFi) market, according to a release shared with The Block. The platform amassed $300 million in liquidity and surpassed $2 billion in volume.

"With this business model change, Idle will address the less-than-ideal value proposition and product variation lag that sophisticated …