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Hi Yala frens,
We’re excited to announce the completion of our seed funding round co-led by Polychain Capital and Ethereal Ventures to build out a Bitcoin liquidity layer built around stablecoin $YU.
Quick Take
- The seed round raised $8m at an undisclosed valuation;
- Round co-led by Polychain Capital and Ethereal Ventures;
- Participation from Galaxy Vision Hill, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, Hashkey Capital, L2 Iterative Ventures (L2IV), SatoshiLab, UpHonest Capital, UTXO Management, 280 Capital + more;
- Funding will be used to bolster engineering, growth & security resources as Yala progresses towards mainnet launch;
- Over 2000 BTC in deposit commitments.
The incredible support for Yala by several of the industry’s most prominent investors follows our successful testnet launch and paves the way for Yala to build out a flourishing liquidity layer connecting Bitcoin with key L1/L2 ecosystems.
“Our strategy is to invest in and support founders in building an ecosystem driven by strong synergies. Through its stablecoin, Yala will bridge the gaps, enabling our Bitcoin ecosystem to thrive with robust liquidity” - Spokesperson at Polychain Capital.
"Yala's approach addresses the current liquidity gap in the Bitcoin ecosystem. Their first-mover advantage, paired with the excellent execution speed of the team, will unlock new opportunities in BTC-related DeFi innovation. EV is thrilled to be supporting their journey," - Min Teo, Managing partner & co-founder at Ethereal Ventures.
The Mission
Yala is building a Bitcoin liquidity protocol to unlock the full strength of Bitcoin liquidity, connecting it to multi-chain ecosystems through $YU. Yala has developed a modular approach allowing for the deployment of cross-chain modules on various ecosystems, including EVM-compatible chains like Ethereum and non-EVM chains like Solana, enhancing Bitcoin composability and driving the development of a robust interconnected Bitcoin DeFi ecosystem.
Yala facilitates EVM access with its modular infrastructure to enhance BTC composability. Built as core components of the Yala protocol, Yala offers 1) an overcollateralized stablecoin protocol, 2) an insurance derivatives service, and 3) atomic swap functionality, enabling seamless liquidity between Bitcoin and other ecosystems.
"Yala is revolutionizing Bitcoin's role in decentralized finance. By issuing Bitcoin-backed stablecoins and creating programmable cross-chain modules, we're not just enhancing liquidity, we're building a bridge that connects Bitcoin to the wider DeFi ecosystem, unlocking unprecedented opportunities for innovation and growth." - Vicky Fu, Co-founder and CTO of Yala.
Yala operates a multi-token system built around $YU (a meta-yield Bitcoin-backed stablecoin) and $YALA (the Yala ecosystem governance token), enhancing Bitcoin liquidity cross-chain whilst preserving the security and stability of the underlying network. Through $YU, Yala allows BTC holders to generate additional yields through various cross-chain DeFi protocols.
By deploying programmable cross-chain modules and facilitating access to EVM & non-EVM ecosystems, Yala unlocks a thriving and interconnected DeFi ecosystem on Bitcoin.
What’s Next?
The Yala testnet is right around the corner, stay tuned 🤗
Over the coming months, several new developments will be unveiled including:
- TestNet V0: YU stablecoin issuance and Pro Mode, Oracle, Indexer.
- Testnet V1: YU stablecoin Lite Mode with meta yield, NFT and VIP levels.
- V1 Release: Insurance module, security enhancements.
- V2 Launch: Governance Framework Initiation
In the meantime, keep your eyes on the look for the Yala mainnet launch!
Your support is massively appreciated 💚
Team Yala