Seeded Network, a project incubator and DeFi platform, raises $1.25 million in seed and private rounds with 20% of its native $SEEDED tokens sold.
The company announced that the funding round was oversubscribed, with 13 investors selected by Seeded Network to provide the most value to the network, namely – Solar Eco Fund, x21, Athena Ventures, HG Ventures, Kangaroo Capital, ZBS Capital, Rainbow Three, GoldenShovel, Sunshine Dragon, Top 7 ICO, Bitcoin Addict, Dust Ventures, and Mandy ICO Research.
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What Seeded Network Does?
Seeded Network leverages Solana’s unique borrowing, lending, and staking incentives to offer a more sustainable, scalable, and accessible project incubation experience for investors and startups alike. Seeded is built on Solana’s high-performance decentralized blockchain – capable of 400,000 transactions per second with less than $0.01 gas fees.
Seeded Network Project Lead Ahmed Hamed Aly said:
“We are building more than a project, we’re building a network of defi and cryptocurrency products designed to be your one stop shop. We have plans beyond being on one chain and expanding beyond what any project has achieved so far.”
Seeded Network Creative Director, Hugo Nicaise, added:
“The artistic and visual side of cryptocurrency projects is still under-exploited, yet visual communication is necessary for the growth of a project. The intersection between cryptocurrencies and high-end design is yet to be explored. Seeded is for me the perfect challenge to take my creativity out of its comfort zone, to create a bridge between a technologically complex environment and modern artistic approaches.”
Solving the Launchpad Dilemma for True Fairness
The tiered structure of standard launchpad models means that eventually, every legitimate launchpad token rises to a price level where new entrants become prohibited from affording new project tier allocations. This problem is known as the launchpad dilemma.
In solving for true fairness, Seeded Network aims to avoid the accessibility issues of the launchpad dilemma via a no-tiered project incubator that offers eligibility regardless of token holdings, a hybrid decentralization model combining centralized expertise with decentralized fundraising smart contracts, and product usage incentives that leverage its built-in defi solutions to promote its incubator.
Further to recent partnerships with Chainlink and Waggle, security experts CertiK are set to audit Seeded’s smart contracts in preparation for the launch of these initial staking, lending, and borrowing products.
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Seeded’s staking product will enable users to stake their $SEEDED tokens for seven days before an incubator project launch to gain an allocation. Though, the staked tokens can be withdrawn at any time.
Seeded’s borrowing product will allow participants to use their existing assets to borrow native tokens, including its own $SEEDED token. Uniquely to Solana, liquidity provider (LP) tokens can also be used to provide such collateral, delivering greater utility to the network. Borrowed $SEEDED can then be staked for ten days before an incubation project launch to receive an allocation.
Seeded’s lending product will enable users to lend out their assets for competitive returns, and ”Locked Lending” of $SEEDED tokens for a 90-day duration offers a double allocation for incubator projects.
While early withdrawal is possible for the borrowing and lending products, it incurs a 30% penalty shared equally between stakers, the Seeded treasury, and Seeded’s community choice charity.
Charitable Ambitions
By incorporating charitable distributions from the protocol’s early withdrawal fees, Seeded Network also seeks to deliver benefits that go beyond the defi ecosystem.
Speaking about the future launch of the Seeded charity product, Project Lead Ahmed Hamed Aly said: “We’re excited to be taking steps towards setting up our very own Seeded charity which will be a solely non-profit product that aims to donate a generous portion of the profits to a community chosen organisation. Growing to be more than a defi project is our mission and we’re dedicated to making our vision a reality.”