Tapio Protocol on Polkadot raises $4 million in seed funding

Tapio Protocol, built on Polkadot, raises $4 million in seed round led by Polychain Capital, Hypersphere and Arrington Capital.

Thrilled to announce our $4M fundraising round led by @polychaincap @hypersphere_ @arringtonXRPcap along with @TheSpartanGroup @LongHashVC @cmsholdings @d1ventures @0xVenturesDAO @GenblockCapital @ValhallaFund @pakafund @DoublePeakGroup & a group of amazing angel investors! pic.twitter.com/PB2dDg0tpG

— Tapio 🧝🧝🏼‍♂️ (@TapioProtocol) October 17, 2022

The round also included Spartan, LongHash, 0xVentures, CMS, D1 Ventures, 11-11 DG Partners, Genlock, Valhalla, PAKA and Double Peak.

The project developers are building a platform for synthetic assets designed to improve staking efficiency and derivatives trading.

Tapio Protocol representatives say that liquidity fragmentation is characteristic of Polkadot-based derivatives. According to them, the funds raised will be used to address this issue.

To unite DOT derivatives into a single asset, the developers created the tDOT token, available in the Acala DeFi hub.

As previously reported by ForkLog, in the third quarter Polkadot made 15,433 commits on GitHub.

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