PriyaPatelTLDR:
– Blueprint Finance has raised $7.5 million in funding and has launched Concrete Protocol, an on-chain credit market.
– Concrete Protocol protects borrowers from liquidation and offers yield to liquidity providers.
Blueprint Finance has raised $7.5 million in a funding round led by Hashed and Tribe Capital. The company has also launched its Concrete Protocol, an on-chain credit market that aims to protect borrowers from liquidation and provide yield to liquidity providers. The goal of the protocol is to make it the default choice for crypto borrowers by 2024. Blueprint Finance believes that the DeFi market is approaching a major inflection point and lending activity will increase significantly. The company is aiming to work with retail users, companies, and liquidity providers to provide credit solutions.
The Concrete Protocol is built on top of the existing $20 billion lending market in the crypto industry. It aims to protect leveraged positions against collateral depreciation, reducing the need for capital on hand. At the same time, it offers yield opportunities for liquidity providers to fund positions. Unlike other lenders in the space, Concrete also absorbs some of the gas fees and offers liquidation protection. The liquidation protection is created using quantitative methodologies to calculate the probability of collateral depreciation over time.
Blueprint Finance was founded in 2022, following the collapse of FTX. The team observed the need for more robust and capital-efficient DeFi markets and saw an opportunity for on-chain money markets to grow. The Concrete Protocol aims to address the void in solutions and liquidity for DeFi users to protect positions when leveraged against volatile assets. Participating investors in the funding round include SALT, Hypersphere, Lightshift, Portal Ventures, and Awesome People Ventures.
Overall, Blueprint Finance aims to provide decentralized software solutions to safeguard traders from major market events, contributing to the safety and growth of the crypto industry worldwide. The Concrete Protocol offers a unique approach to on-chain lending, protecting borrowers from liquidation and providing yield opportunities for liquidity providers. The company’s funding round and launch of the Concrete Protocol indicate the growing interest in and demand for DeFi solutions in the crypto industry.
