Decentralized finance startup MOUND, known for its yield farming aggregator Pancake Bunny, has raised $1.6 million in seed funding led by Binance Labs. Other participants included IDEO CoLab, SparkLabs Korea and Handshake co-founder Andrew Lee.
Built on Binance Smart Chain, a blockchain for developing high-performance DeFi apps, MOUND says Pancake Bunny now has more than 30,000 daily average users, and has accumulated more than $2.1 billion in total value locked (TVL) since its launch in December 2020.
The new funding will be used to expand Pancake Bunny and develop new products. MOUND recently launched Smart Vaults and plans to unveil Cross-Chain Collateralization in about a month, bringing the startup closer to its goal of covering a wide range of DeFi use cases, including farming, lending and swapping.