• Affine Protocol has raised $5.1M from Jump Crypto and Hack VC
• The Ethereum and Polygon-based protocol gives users access to DeFi yield offerings
• Its aim is to address challenges around impairment loss in liquidity providing

Affine Protocol Raises $5.1M

Decentralized protocol Affine has raised $5.1 million in a seed funding round led by Jump Crypto and Hack VC and including contributions from Circle Ventures and Coinbase Ventures.

Affine’s Aim

Ethereum and Polygon-based Affine gives users access to diversified yield across decentralized finance (DeFi) platforms. Its aim is to address challenges around impairment loss in liquidity providing. Its flagship basket USD Earn offers automated diversification and yield via liquidity management strategies.

Why Is This Necessary?

The vast range of DeFi platforms and tokens can make it a foreboding world to enter for the novice investor, not helped by the risk of hacks, exploits, rug pulls and so on. Tools that can simplify the process in the way Affine claims to be able to do could therefore prove to be high in demand.

Quotation From Co-Founder Of Polygon

“The market is moving to a multi-chain world which only makes participating in DeFi harder,” Polygon co-founder JD Kanani said. “Affine is ahead of the curve in helping end users tackle this complexity in a sustainable way.”

Sign Up For The Node Newsletter

Sign up for The Node, our daily newsletter bringing you the biggest crypto news and ideas: Email addressSign UpBy signing up, you will receive emails about CoinDesk product updates, events and marketing, agreeing with our terms of services and privacy policy.