PANews reported on November 28 that according to The Block, Avant, a developer of crypto yield protocols, announced the completion of a $6.5 million seed round of financing, with participation from Superlayer, Avalaunch, GoGoPool, Daybreak Digital and Linda Kreitzman. Avant founder Rhett Shipp said that the company focused on its existing network of contacts and angel investors rather than targeting well-known crypto venture capitalists; Avant was founded in June this year and began informal conversations with investors in May, but only officially started financing in October; this round of financing ended earlier this month, with a financing structure of a simple agreement for future equity (SAFE), and Avant's post-financing valuation reached $25 million.
According to reports, Avant has issued a "stable value" token called avUSD, which can be pledged to obtain savUSD (the yield version of avUSD). The protocol runs on the Avalanche blockchain. Although avUSD itself does not generate income, it is designed to be used for various DeFi activities such as lending. By staking avUSD to obtain savUSD, you can earn income. According to the Avant website, the current annual yield (APY) of savUSD is 34%.
