News18 September 2021

NFT-based Protocol, Pledge, Announces Successful Fundraise

NFT-based Protocol, Pledge, Announces Successful Fundraise

Summary:

· Pledge Finance is set to launch a cross-chain DeFi ecosystem

· Its private round raised over $3 million

· Pledge Finance will have liquidity pools

Pledge Finance is set to launch a cross-chain DeFi ecosystem. This follows a private round that raised over $3 million. The Pledge protocol is an algorithm-based, multi-chain DeFi ecosystem, an NFT-powered lending platform with public chain interoperability. This means other platforms can interact with its product and service offering.

Pledge Finance will contain liquidity pools that will be money markets that users can exchange cryptocurrencies on without needing a centralized exchange. The staking interest rate for these markets’ liquidity will be fixed via algorithms and determined by each pool’s supply and demand for cryptocurrencies.

PLGR, Pledge’s native currency, will initially dominate these pools. This means users have to purchase PLGR to make exchanges between Stablecoins and cryptos like BTC (Bitcoin) and ETH (Ethereum). This algorithm will enable pledge users to exchange cryptos with PLGR at a fair value with little to no friction.

PLGR will have a fixed payment rate if they choose to use their crypto-assets to provide them with liquidity for the protocol’s money or derivative markets. PLGR’s total supply will be 3 billion PLGR.

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