UNION, an open and decentralized technology platform that aims to lower the risks, costs, and access to decentralized finance (DeFi), has raised over $3.9M from Alameda Research, Bering Waters Ventures, Spark Digital Capital, AAM, Solidity Ventures, 3 Commas, Cluster Capital, Rarestone Capital, Alpha Chain, Black Edge Capital and more. UNION is anticipating to launch in the coming months, and includes a DeFi platform that incorporates an advanced risk management and protection framework.
Currently, the total value locked into DeFi is estimated at around $12 Billion, more than the GDP of nearly one-third of countries in the world. However, to continue to grow and attract additional capital this massive influx of investment has created a dire need for broader, scalable protection products across smart contracts and DeFi protocols to safeguard these assets.
UNION is releasing a set of building blocks leveraging risk-reducing concepts from centralized finance that will form a cornerstone of the DeFi ecosystem, preparing the space for its next phase of exponential growth. The project intends to launch with a protocol and set of tools that help individuals and institutions access DeFi, while effectively addressing cost and risk considerations. These tools include:
- Bundled protection with different layers of protection (e.g., Layer 1 risk, smart contract risk, exposure risk, transaction completion risk).
- A truly decentralized protection platform not bound by a “members only” model, without KYC requirements and paired with an effective governance process.
- A decentralized secondary protection market to manage risk
“One of our goals is to create protection products and an ecosystem that let people participating in DeFi sleep well at night,” said Michael Beck, project lead for UNION. “We’re amazed at the incredible support our project has received and we’re excited about the future and our role in strengthening the DeFi marketplace.”
In the coming months, UNION will roll out a platform with baked in protection products as well as a secondary market for their protection products that will enable coverage across the entire DeFi ecosystem.