Open data infrastructure provider, Flux Protocol has announced the successful close of its seed round for re-architecting the future of decentralized finance. The oversubscribed event, which garnered participation from luminaries in the industry, successfully raised $10.3 million, underscoring the importance of Flux Protocol’s groundbreaking solution to the current bottlenecks in the space.
The round was led by Distributed Global, with participation from Coinbase Ventures, CoinFund, Uncorrelated, Figment Capital, Maven 11, Reciprocal Ventures, Jabre Capital, Greenfield One, IOSG, Flow Ventures, among others, including industry leaders Hart Lambur co-founder of UMA and Illia Polosukhin, co-founder of NEAR Protocol.
Flux Protocol is a scalable and decentralized protocol enabling users to use on-chain data for any asset, commodity, or event. Developers can leverage this open-source tool to build markets from the ground up or integrate into existing financial products, drastically reducing the cost and time to incorporate blockchain technology. The protocol’s potential to power an infinite range of verticals ranging from synthetic assets and derivatives to insurance and prediction markets stands to unlock limitless possibilities for DeFi.
Flux Protocol is set to unveil the mainnet launch of its flagship product, a fully permissionless protocol for bringing off-chain data on-chain. Designed for scalability and built for resilience, the oracle uses game-theoretical economic incentives and a novel challenge and settlement process to secure the network and maintain data integrity.
The first product to launch on Flux Oracle is a fair launch prediction market called Pulse. Pulse has been live for just over a month and has already seen over 280 times the usage of existing competitors like Augur and Gnosis, and is in the top 10 list of most used marketplace applications on DappRadar.
Flux Protocol also received a strategic contribution from Figment’s new $16m venture fund, with the goal of ensuring that the Flux Oracle is available for validators on NEAR Protocol and potentially other layer-one protocols and Ethereum scaling solutions in the future. Figment will provide the Flux community with a seamless experience for validation.