Impossible Finance raises $7M for multi-chain DeFi incubator
Defi protocol built on Binance Smart Chain, Impossible Finance has completed a $7 million seed funding round backed by over 125 institutional and angel investors.
The funding round was led by venture capital firm True Ventures, and Alameda Research, Hashed, and CMS Holdings. The funds would be used in the development of a multi-chain DeFi incubator.
Impossible Finance was launched on Binance Smart Chain on April 9, and the protocol currently offers DeFi investors token swaps, liquidity pools, and staking rewards through native (IF) token.
The funds will go towards the development of a multi-chain ecosystem for the project, which plans to expand to support Ethereum and Polygon, along with deployments on layer-two (L2) solutions and other platforms soon.
In addition, the protocol is also developing an automated market maker (AMM) liquidity protocol, which will act as the backbone for a decentralized incubator and launch pad for new DeFi projects and it will launch the related Impossible Decentralized Incubator Access (IDIA) token.
Though plans to expand support to Ethereum and Polygon are timely in light of a wave of recent exploits on the BSC, including a growing list of rug pulls and hacks.
It raises the question of whether hacks and exploits are somehow endemic to how the platform operates or just part of its growing pains?
DeFi protocol BurgerSwap was recently drained of $7.2 million in a flash loan attack, along with yield protocol Belt Finance, which lost $6.3 million after a hacker exploited a flaw in the protocol’s vault. PancakeBunny suffered a $200 million flash loan attack from a hacker who borrowed a “huge amount” of Binance Coin (BNB), and then proceeded to manipulate BUNNY’s price and dump it all and completely tank the price of the asset. Spartan Protocol was also drained off $30 million in a coordinated attack on its liquidity pool.