NoahArk Receives $2.4M Investment From EOS Network Ventures

NoahArk Receives $2.4M Investment From EOS Network Ventures

Table of Contents

The race to decide which EVM chain offers the best DeFi experience is heating up. EOS Network Ventures (ENV) has just announced a major investment into decentralized finance in the hopes of bringing the EOS EVM chain up to speed. $2.4M has been awarded to NoahArk Tech Group, a DeFi developer that already has a presence on the EOS EVM.

The EOS EVM offers network fees and throughput that outstrip the bulk of the competition, including most EVM chains on L1 and L2. Having the blockchain infrastructure in place to support high volume trading is one thing; achieving that goal requires giving users a reason to bridge funds from their current EVM chain. Enter EOS Network Ventures, which is confident it has the strategy and the funding to make this happen.

A Small Step for Noah, A Giant Leap for EOS

While the NoahArk team are delighted with the investment they’ve received, the ultimate winners will be DeFi users once the funding manifests in the form of better primitives on the EOS EVM. Defibox.io and Noahark.io, where the ENV investment will be directed, are already operational on EOS and provide a good range of DeFi fundamentals, from staking to trading.

According to NoahArk Tech Group CEO Eason, the funding will support the expansion and improvement of both platforms, which will operate independently but share resources including funds, personnel, and technology under the direction of NoahArk Tech Group. As Eason explains: “The combined efforts of our DeFi teams will focus on developing an interoperable liquidity aggregation protocol. These initiatives are aimed at enhancing transaction convenience and flexibility for our users and expanding the range of assets supported on EOS and EOS EVM."

Liquidity aggregation is seen as a cornerstone of decentralized finance to help onchain offer the same opportunities and user experience as can be found on centralized exchanges. By drawing liquidity from multiple DEXes and combining it, aggregators can offer better pricing with lower slippage. As a result, traders will get better value for money every time they execute a swap and rates will adhere closely to reference prices.

EOS Network Ventures Digs Deep

Over the past 12 months, EOS Network Ventures has worked tirelessly on enhancing both chains: the original EOS network and the companion EOS EVM. Its efforts have already begun bearing fruit, with improvements to EOS EVM v2 allowing USDT to be trustlessly bridged from Ethereum. Ultimately, though, it’s the quality of the DeFi applications available on a chain that dictates whether users will stick around for the long haul.

ENV appears confident it can succeed here. As its director Yves La Rose puts it, “Through our investment in NoahArk Tech Group, we're not just funding a company, we're investing in the future of DeFi on the EOS Network. We're confident in their ability to innovate and believe this partnership will lead to significant advancements in the EOS ecosystem.”

Crypto users shouldn’t have to wait long to discover whether the EOS EVM can give other DeFi-friendly chains a run for their money.

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.


Investment Disclaimer
Related Topics: 

You may like