On February 9, the American professional baseball team based in Washington, D.C., the Washington Nationals, announced the team has partnered with Terra, the open-source blockchain platform and decentralized autonomous organization (DAO). The Washington Nationals detail that the team is a “leading innovator” and is “consistently introducing new technologies to enhance the fan experience.” Washington Nationals Ink Long-Term Deal With Terra Major League Baseball (MLB) team the Washington Nationals has partnered with the blockchain platform and DAO Terra, according to an announcement published by the team on Wednesday. The deal with Terra follows a slew of sports-related deals with crypto firms, but the MLB team will be the first to partner with an open-source blockchain project. In addition to the partnership, the algorithmic stablecoin UST that’s issued on the Terra blockchain will be “accepted as a payment method at Nationals Park as early as next season.” “The Nationals continue t...
Minterest aims to channel all fees, interest, and revenue back into the protocol for its users.
Decentralized finance protocol Minterest has just secured $6.5 million in funding for a long-term yield optimization platform.
The private fundraising round was contributed to by a number of venture capital companies including KR1, DigiStrats, Bitscale Capital, PNYX Ventures, CMT Digital and others.
The Estonian-based team intends to use the funding to develop the lending and borrowing protocol which it claims is “designed to make DeFi fairer for users.” Minterest uses a buyback mechanism that captures value and passes all of the revenue generated by the platform to its community.
It automates the liquidation process which enables the capture of fees and interest which is recycled back to its users. Some DeFi protocols generate revenue by allowing a small number of users to buy out under collateralized positions at a market discount.
Minterest will use any operating surplus to automatically buy its own native MNT token which is then distributed to its users, according to an announcement. This way, the earnings a user makes are supplemented with some of the protocol’s rewards and revenue which creates potentially higher long-term yields. The protocol has been designed to operate with “flywheel tokenomics” which means value captured is returned back into the system to generate more value.
Minterest founder and CEO, Josh Rogers, explained that this new DeFi project generates value for the entire user ecosystem, instead of extracting it only for the few, adding:
“Through their interactions, users create the value on the platform therefore making their participation equitable and rewarding. Without its community, any protocol would be obsolete, and our model places our community at the centre of the value-creation cycle.”
The protocol will be “audited by highly regarded auditors”, he added but did not specify a launch date.
Related: Earning with DeFi yield farming: Rocket science or child’s play?
The new protocol shares its name with a Singapore-based digital investment platform founded in 2017. The Southeast Asian Minterest is more traditionally finance orientated with a mission to offer clients access to alternative investments and diversified investment opportunities.
In other funding news, on Sept. 16, the Avalanche Foundation announced a huge $230 million investment from a venture capital group led by Polychain and Three Arrows Capital. It aims to channel the capital into supporting the growth of the DeFi ecosystem and projects running on its blockchain.
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