EOS Network Makes $2.4 Million Investment in NoahArk Group to Boost DeFi Presence
EOS Network Ventures (ENV), the VC arm of the EOS Network, made a $2.4 million investment in NoahArk Tech Group. The funds will go towards promoting DeFi adoption in the EOS ecosystem through two prominent DeFi platforms on the EOS EVM, Defibox.io and Noahark.io. In addition, under NoahArk’s management, Defibox.io and Noahark.io will maintain their separate identities in terms of product branding. However, they will be collaborating on shared resources such as funds, personnel, and technology.
The EOS EVM is compatible with Ethereum and works seamlessly with the main EOS chain, making it a perfect fit for decentralised finance. This makes it easier to transfer ERC20 tokens between different EVM chains. Also, it simplifies the process of developing applications on EOS EVM or porting existing ones for Solidity developers.
What’s the significance of the investment?
NoahArk Tech Group and EOS Network Ventures (ENV) have set their sights on revolutionising the DeFi ecosystem by creating a system for interoperable liquidity aggregation. This partnership aligns with ENV’s overarching goal of promoting expansion and improvement within the DeFi industry.
In addition to providing financial support, ENV’s investment in NoahArk Tech Group represents a strategic partnership, aiming to promote innovation inside the EOS ecosystem. With an emphasis on DEX operations, NoahArk’s principal goal is to establish a strong DeFi alliance inside the EOS ecosystem. Among the key results expected from the alliance is the development of an interoperable liquidity aggregation protocol, which will increase transaction flexibility and broaden the spectrum of supported assets.
This investment shows how much faith ENV has in the revolutionary power of DEXs in the EOS ecosystem. Also, the parties hope that this will serve as a model for new partnerships and development, which will be good for the whole EOS DeFi ecosystem.
Defibox and Noahark have laid the foundation for the stimulation of economic activity within EOS EVM. They already support lending, trading, and staking EOS token. The partnership and investment open the door for the two projects to expand the capabilities of these features.