According to a report by The Block Crypto on September 22, APY.Finance, which is building a Decentralized Finance (DeFi) aggregator for Yield Farming, has raised $3.6 million in new funds.
Santiago Roel Santos, a partner of Alameda Research, Arrington XRP Capital, Coingecko and Parafi Capital, participated in the fundraising negotiations.
APY claims that it is building a “Yield Farming Wealth Frontline”, a robo-advisor to help optimize token loans. With new funding in place, APY plans to accelerate development and launch a new platform in mid-October.
Currently Yearn.Finance is the main Yield Farming aggregator in the DeFi field. When asked what APY’s competitive advantage is, Delos Chang, the company’s chief operating officer, told The Block that the agreement will not just provide a “simple packaging strategy.”
Chang told The Block: Currently, Yearn is wrapping around Yield Farming strategies like CRV Farming, while APY will choose different strategies based on actual risk perception. Therefore, in the end, Yearn vault may be a strategy used by APY, but not vice versa. The company’s CEO Will Shahda told The Block that from the user’s point of view, APY is like a dashboard where users can have many choices. He also stated that APY can help users implement “multiple strategies and optimize the allocation of funds between different strategies.”