Coinbase is the latest firm to lead Uniswap and PoolTogether funding in a bid to promote their organic growth. It is interesting to see a prominent cryptocurrency exchange put in 1.1 million USDC in a protocol’s evolutionary progress in times when the crypto market is reeling under COVID-19 stress.
The USDC awards were granted via the USDC Bootstrap Fund of Coinbase. The entity was set up last year to identify and promote high-potential crypto startups. As per the official blog, the Bootstrap Fund is primarily aimed at supporting and promoting ‘Decentralized Finance’ platforms. The Uniswap and PoolTogether funding round will see straight USD injections to the platform’s smart protocols.
Uniswap and PoolTogether funding to promote crypto innovation
Coinbase Bootstrap Fund is known to support upcoming crypto projects with high growth potential. Compound, a money market protocol, received one million USDC in funding from the exchange. Additionally, dYdX was also supported via similar funding. The two platforms can now provide borrowing to users of either party’s platform with appropriate crypto collateral.
The latest Uniswap and PoolTogether funding round focused on creating value for both these platforms. The financial aid of 1.1 million USDC to these two emerging platforms is a testament to the exchange’s crypto credentials. USDC/ETH pool of Uniswap will see an injection of 1 M in USDC On the other hand, PoolTogether will receive a 100,000 USDC investment that will boost the likely rewards of the USDC depositors.
The investments are sure to amplify the pace of growth that these platforms are already exhibiting. Uniswap has been showing good signs of organic growth, with the platform now boasting healthy liquidity of $33 million. Uniswap platform is popular amongst crypto traders due to the consistent market maker concept that makes it easy to create a liquid exchange for every token. It is playing a crucial role in token infrastructures where liquidity is a vital factor.