PANews, November 28 - According to The Block, crypto yield protocol developer Avant has announced the completion of a $6.5 million seed round funding, with participation from Superlayer, Avalaunch, GoGoPool, Daybreak Digital, and Linda Kreitzman. Avant founder Rhett Shipp stated that the company focuses on its existing contacts and angel investor network rather than targeting well-known crypto venture capitalists; Avant was established in June of this year, and informal discussions with investors began in May, but formal fundraising only started in October; this round of funding was completed earlier this month, structured as a Simple Agreement for Future Equity (SAFE), with Avant's post-funding valuation reaching $25 million.
According to reports, Avant has issued a 'stable value' token called avUSD, which can generate savUSD (the yield version of avUSD) through staking. The protocol operates on the Avalanche blockchain. Although avUSD itself does not generate yield, it is designed for various DeFi activities such as lending. By staking avUSD to earn savUSD, users can generate yield. According to data from the Avant website, the current annual percentage yield (APY) for savUSD is 34%.
