Polychain Leads $23M Bet on Startup Streamlining DeFi Portfolio Management

Posted on by American Coins & Gold

Polychain Leads M Bet on Startup Streamlining DeFi Portfolio Management
Portfolio management in decentralized finance (DeFi) remains a highly manual and, at times, costly process, especially on platforms like Uniswap v3 where “concentrated liquidity” means that a user might have their position liquidated entirely to one side of a pair.However, Sommelier is working to change that. The Ethereum-based and soon-to-be Cosmos-managed project has raised $23 million in a round led by Polychain Capital, the team announced on Wednesday.The round included participation from Byzantine Ventures, Tendermint Ventures, Secure Ventures, D1 Ventures, Ferngrove Ventures and Alameda Research.Sommelier might roughly be thought of as a yield vault similar to Yearn.Finance: users deposit liquidity,…