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Solana-based Swim Protocol Closes $4m In Seed Funding

Solana-based Swim Protocol Closes $4m In Seed Funding

Swim Protocol, a newly-launched multi-chain automated market-making (AMM) bridge pool, has recently announced that it has received $4 million in seed funding, in an investment round led by Pantera Capital.

The seed funding round also saw the participation of leading venture capital firms and startups such as Coinbase Ventures, Solana Ventures, Jump Capital, Social Capital, IOSG Ventures, Rok Capital, GBV Capital, Mantis VC, Panony, Bonfida, FTX, and Alameda Research. Individual angel investors include Brandon Millman of Phantom Wallet, Polygon's Dean Thomas, and Avalanche's Phillip Liu.

“Our vision at Swim is to create a quick and seamless experience for users to swap native assets from one chain to another. To continue growing Swim’s network within the multi-chain ecosystem, we’re constantly looking to integrate with other protocols in the DeFi space,” shares Teddy Pornprinya, Head of Business Development at Swim Protocol.

As a multi-chain AMM, Swim Protocol enables native-to-native cross-chain swaps across the various decentralized finance blockchains that it supports. It provides users with a seamless and intuitive method to transfer tokens across chains through multi-token liquidity pools by utilizing Solana's Wormhole technology, a communication bridge between Solana and other top decentralized finance (DeFi) networks.

With Solana's Wormhole, multiple existing projects, platforms, and communities are enabled to transfer or swap out tokenized assets across blockchains, all benefitting from the Solana blockchain's fast and highly scalable feature set. Essentially, Swim Protocol provides users with a way to opt out of centralized bridges, avoiding delays and the reliance on wrapped assets or tokens for swaps.

According to Swim Protocol, the initial funding will be used to hire specialists and support the startup's go-to-market strategy with its minimum viable product now ready for an official Alpha Launch with initial features available for deployment. Afterwards, Swim Protocol is set to launch additional pools, add cross-chain bridging support for an expanded list of assets, and finally release $SWIM, its native governance token.

Swim Protocol's cross-chain infrastructure is designed for a multi-chain DeFi sector, one that has seen roughly $74 billion in total value locked (TVL). Aside from Solana, Swim Protocol's multi-chain network also supports swaps for native assets from prominent blockchains such as Ethereum and BNB Chain (formerly known as Binance Smart Chain), as well as other Layer 2 protocols functioning off of these main blockchains. Support for additional networks such as Polygon, Terra, and Avalanche are also on the protocol's project roadmap.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

 

 

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