88X Finance, the cross-chain yield aggregator, has gained admission into a startup fund created by Axelar. The aggregator’s approval comes about six months after its began development. 88X is now set to benefit from the Axelar Ecosystem Startup Funding Scheme, a $60 million funding program for new Web3 projects building on the protocol. Their product launch is scheduled for the second quarter of 2023, and they plan to showcase their MVP in Q1. The MVP supports five different blockchains and five DeFi protocols.
The Axelar Ecosystem Startup Funding and how 88X Finance fits in it
In mid-December 2022, the Axelar Ecosystem Startup Funding program was launched with the intention of fostering a community of developers working on Web3 products that compete with the traditional web. Axelar and a consortium of 15 blockchain investors are backing the startup investment initiative, and they are on a mission to speed up the development of Web3 protocols across different spectrums of functionalities.
In Axelar, developers leverage the power of the interchain developer’s permissionless composability. To achieve widespread use, their products must be compatible with several blockchain networks. 88X Finannce plans to automate vault operations and offer portfolio diversification via pre-defined investment strategies that operate on multiple blockchains.
With the help of smart contracts, yield aggregators can automatically invest crypto funds in high-yielding products. To get the best possible return, they use a number of smart contract strategies across a combination of protocols. To mitigate the effects of market volatility, investors can diversify their portfolios among various blockchain networks, each of which offers the opportunity for a positive ROI.
88X Finance offers high diversification and automated vault strategies, which the company says are free from cross-chain risks. Users can take advantage of opportunities for yield farming across multiple blockchain networks without having to transfer between wallets, all from a unified interface. Users operate in an ecosystem of interoperable cross-chain DeFi vaults, where they can stake their assets and earn returns based on predetermined investment strategies.