DeFi Protocol Jigstack Raises $3 Million in Private and Public Funding Rounds

By Jordan Lyanchev

Jigstack, a DeFi project aiming to govern high-quality revenue-generating network solutions on Ethereum, has successfully raised $3 million in private and public funding rounds. The protocol plans to utilize the funds to build the DAO of the decentralized finance sphere.

Jigstack Raises $3M in Funding Rounds

Describing itself as the “missing piece of DeFi,” Jigstack is a decentralized autonomous organization (DAO), which engineers and deploys institutional-grade decentralized tools. The project announced the completion of its private and public funding rounds, in which it raised in total $3 million, in a press release shared with CryptoPotato.

The statement highlighted that the private rounds were oversubscribed, “confirming the global interest in this ecosystem.” Some of the notable names that participated were Moonwhale Ventures, DHC Capital, Blocksync Ventures, CSP DAO, X21 Digital, and more.

Jigstack said it has a “bold” vision for the decentralized finance industry as it plans to become the leading DAO by governing “multiple revenue-generating protocols.” The project will introduce an ecosystem where “quality standardization takes center stage.” As such, the tools and protocols Jigstack is developing “must empower users, and DeFi needs to the for the people, by the people.”

“Decentralized finance and decentralized governance are two of the most promising concepts in modern economics. We couldn’t just sit on the sidelines and watch such an important endeavor compromised by vulnerabilities I thought could be well mitigated.” – commented Robert Weir of Jigstack.

Weir added that the project will bring “a new standard of quality, security, and user-friendly, solution-oriented financial tools.”

The Demand for the STAK Token

According to the statement, the rapid completion of the funding rounds exemplified investors’ massive interest in Jigstack’s native cryptocurrency – STAK. The token will receive a share of all transaction fees occurring on the network.

Jigstack will operate “multiple revenue products and protocols.” These include Lemonade – a multi-platform token sale launchpad, Stakbank – a staking and rewards-oriented platform for STAK, EthLink – a decentralized affiliate marketing solution, JigBridge – a cross-chain bridge, and an NFT marketplace called “Gallery.”

Apart from receiving shares of the fees, STAK holders will govern the Jigstack DAO and all of its products. As such, the project vowed to pave the “road for broader mainstream adoption of DeFi with a strong focus on quality assurance and interoperability.”

Featured Image Courtesy of Medium