DeFi platform BlockSwap network, which makes proof-of-staking benefits accessible to all users as a stable yield source, has just closed a $2.5 million private placement investment round with the participation of NGCm, Wave Financial, Algorand EU accelerator, ZeePrime capital,DFG, 4th Revolution Capital and Blocksync Ventures, among others.
According to BlockSwap, it will use the funds to continue the expansion and improvement of its sustainable yield offering through proof-of-stake benefits.
It must be noted that the solution is receiving a lot of attention from the crypto community due to the fact that stable DeFi yield farms are very rare. On top of that, the project has plans to launch an incentivized CommunityNet that will distribute 250 million tokens prior to the launch of BSN, the project's mainnet.
The development of BlockSwap Network will contribute positively to the crypto sphere, as it will incentivize more existing staking operators and holders of PoS tokens to keep exploring these stable DeFi yield farming opportunities.
One of the objetives of the protocol is to help users stay away from crypto asset volatility and the complexities associated with traditional staking processes.