Avant, a decentralized finance (DeFi) platform, raised $6.5 million in Seed funding.
Investors included SuperLayer and Avalaunch, along with a coalition of over 40 individual investors.
Avant, founded by Rhett Shipp, is a decentralized finance (DeFi) platform operating on the Avalanche network. It offers two primary assets: avUSD and savUSD.
- avUSD: This is a stable-value token that users receive when they deposit USDC or USDT into the Avant platform. It acts as a receipt for these deposits, with the underlying assets managed by trusted partners to generate returns through advanced, market-neutral DeFi strategies.
- savUSD: This is the staked version of avUSD, functioning as a yield-bearing asset. By staking avUSD to receive savUSD, users can earn returns generated by Avant’s delta-neutral strategies. There is a one-week delay for unstaking, implemented for security purposes.
Avant works with experienced on-chain asset managers, such as 0xPartners, to implement these market-neutral strategies effectively.
For example, if you have USDC or USDT and wish to earn a return without actively managing investments, you can deposit these stablecoins into Avant to mint avUSD. You can then stake your avUSD to receive savUSD, which will accrue yield over time through Avant’s managed strategies. This process allows you to benefit from advanced DeFi strategies without the need for manual oversight or specialized resources.
With newly raised funds, Avant plans to further expand its suite of inclusive DeFi tools.