PANews reported on August 28 that according to Tech Startups, the decentralized lending protocol Echelon has completed a $3.5 million seed round of financing to promote DeFi lending on the Move-based blockchain. This round of financing was led by Amber Group, with participation from Laser Digital, Saison Capital, Selini Capital, Interop Ventures and Re7.
With the new funding, Echelon plans to expand its services by developing a strategy backed by funds and real-world assets (RWA), creating a cross-chain deposit vault, expanding the team by hiring full-stack and smart contract engineers, and stepping up marketing efforts. The protocol aims to provide a high-performance market that integrates seamlessly with other DeFi platforms and RWA.
Founded in 2023, Echelon supports borrowing and lending assets through non-custodial pools, enabling users to earn interest and leverage their purchasing power. The protocol includes segregated pools for niche assets and one-click strategies for leveraged collateral and RWA-backed vaults (such as leveraged treasuries).
