Decentralized finance (DeFi) protocol Nerve Finance has completed a financing round from some big names in the industry. Its goal is to launch an automated market maker (AMM) on the Binance Smart Chain (BSC).
In an April 12 announcement, Nerve Finance stated that it secured $2 million in funding from 3 Arrows Capital, CMS Holdings, and Alameda Research. Other contributors to the DeFi protocol included Immutable Capital and Primitive Ventures.
The team stated that its upcoming focus is to increase community governance surrounding the protocol. It will also be bringing in key community members to act as multi-signatories for the treasury and its smart contracts.
Another BSC AMM
Nerve is an automated market maker specifically designed for trading stablecoins and pegged assets on the Binance Smart Chain. The announcement elaborated:
“The Nerve Bridge has become a mainstay of the BSC ecosystem as the largest trustless bridge for transferring funds in and out of BSC, allowing people to move millions in assets easily.”
The protocol was unveiled in late February and has since grown to a total value locked of over $600 million according to the app interface.
It started with one pool consisting of three stablecoins – BUSD, USDT, and USDC. These have now been expanded to include BTC and ETH wrapped variants. Binance itself has a token swap platform built into the exchange which also allows fast and cheap swaps using BSC.
The AMM trading fee is 0.04%, and there is no admin fee but it does charge a 0.64% deposit fee to create “sticky liquidity.” As with most DeFi platforms, it has its own governance token called NRV which was listed for trading on PancakeSwap in early March.
There were liquidity mining incentives launched on the DEX whereby 50% of all NRV minted each block went to reward initial NRV/BUSD Pancake liquidity providers, and the other 50% went to stablecoin pool LPs.
NRV Token Price Hits ATH
The NRV token had surged 37% over the past 24 hours to reach $5.50 according to CoinGecko. An all-time high of $5.75 was tapped during early trading on April 12.
Over the past seven days, NRV prices have doubled and since the beginning of April, they have surged 340%.
PancakeSwap’s CAKE token has also surged to a new ATH of just below $27..
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