Tapio Protocol Attracts $4M

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Tapio Protocol, which is based on the Polkadot network, has recently raised $4M in a seed round led by Polychain Capital, Hypersphere and Arrington Capital.

Other participants include Spartan, LongHash, 0xVentures, CMS, D1 Ventures, 11-11 DG Partners, Genlock, Valhalla, PAKA and Double Peak.

The project developers are creating a synthetic asset platform aimed at increasing the efficiency of staking and derivatives trading.

Tapio Protocol representatives believe Polkadot-based derivatives are characterized by liquidity fragmentation. According to them, the raised funds will be used to solve this problem.

To combine DOT derivatives into a single asset, the developers created the tDOT token, which is available in the Acala DeFi hub.