Yala Completes Seed Round Financing, Led by Polychain Capital and Ethereal Ventures, to Promote the Construction of Bitcoin Interest-Bearing Stablecoins

24-10-11 11:00
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Original source: Yala


Yala, the Bitcoin liquidity protocol and stablecoin issuer, announced the completion of its seed round of financing and received more than 3 times the financing commitment of the target. The round was led by Polychain Capital and Ethereal Ventures, and followed by Galaxy, Anagram, Amber Group, ABCDE, Ambush Capital, GeekCartel, HashKey Capital, L2 Iterative Ventures (L2IV), SatoshiLab, UpHonest, UTXO Management and 280 Capital.


The Yala team raised $8 million in this round of financing, and the specific valuation was not disclosed. The funds will be used for team expansion, product development and security improvements, and to prepare for the mainnet launch. Investors also pledged to pledge more than 2,000 bitcoins to Yala.


Yala's mission is to connect Bitcoin with various ecosystems and open up Bitcoin liquidity through stablecoins. Its modular architecture supports cross-chain deployment of Yala on EVM-compatible platforms (such as Ethereum) and non-EVM systems (such as Solana), thereby enhancing Bitcoin's composability and promoting the development of an open Bitcoin DeFi ecosystem.


Investor Support


"Our strategy is to support teams that are committed to building ecosystems that can generate huge synergies. Through stablecoins, Yala can build a bridge that allows the Bitcoin ecosystem to thrive with strong liquidity." said Karthik Raju, partner at Polychain.


"Yala is committed to solving the current liquidity gap problem in the Bitcoin ecosystem. Its first-mover advantage, coupled with the team's excellent execution speed, will open a new window of innovation for Bitcoin's DeFi ecosystem. Ethereal Ventures is pleased to support their journey." said Min Teo, managing partner and co-founder of Ethereal Ventures.


Yala's Vision


Yala is building a modular infrastructure to enhance the composability of Bitcoin across ecosystems by deploying modules across chains. The core components of the Yala protocol include:


· Overcollateralized stablecoin $YU: a stablecoin guaranteed by Bitcoin for security and stability;


· MetaMint: allows users to mint $YU stablecoins directly on the target chain using native Bitcoin;


· Insurance derivatives: provide comprehensive insurance solutions within the DeFi ecosystem and create arbitrage opportunities.


Yala's multi-token system consists of $YU (interest-bearing stablecoin backed by Bitcoin) and $YALA (governance token of the Yala ecosystem), which will promote the cross-chain flow of Bitcoin. Bitcoin holders can use $YU to earn returns in various cross-chain DeFi protocols while maintaining the security and stability of the Bitcoin mainnet.


Yala co-founder and CTO Vicky Fu said: "Yala is changing the role of Bitcoin in decentralized finance. By issuing Bitcoin-backed stablecoins and self-built programmable cross-chain modules, we not only unlock Bitcoin's liquidity, but also build a bridge between Bitcoin and the broader DeFi ecosystem, opening up an unprecedented blueprint for innovation and growth.


Future Roadmap: Moving towards the mainnet


Yala's testnet will be released next week, and the development of multiple key products is also being planned:


· Testnet V0: Release $YU stablecoin and Yala Pro version


· Testnet V1: Launch of Lite version of stablecoin that can generate interest independently


· V1 release: Online insurance module and security upgrade


· V2 Live: Launching the Governance Framework


Yala’s roadmap is focused on building a Bitcoin liquidity protocol that connects the Bitcoin mainnet and layer-2 networks. The team is preparing for the mainnet launch and encouraging the community to participate in the upcoming testnet release.


For more information and to get the latest updates on Yala’s progress, please visit yala.org.


About Yala


Yala is creating a Bitcoin liquidity layer that unlocks the full potential of Bitcoin liquidity by connecting it to a multi-chain ecosystem. Its modular path supports deployment on EVM-compatible platforms and non-EVM systems, and is designed to promote a strong and open Bitcoin DeFi ecosystem. Key features of the Yala protocol include an overcollateralized stablecoin protocol, insurance derivatives services, and MetaMint, enabling seamless liquidity between Bitcoin and other ecosystems.


This article is from a contribution and does not represent the views of BlockBeats


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