Collaborative wealth creation platform UniFarm announced that it has secured a grant from Router Protocol to use their SDK to build ‘Setu’. The grant comes as a part of a larger round with participation from various blockchain funds & investors. The startup founded in 2021, had raised $2 million earlier in April 2021. The company also took this opportunity to announce its plans to launch its bridge, ‘Setu’, which will enable seamless transfer of tokens across various chains such as Ethereum, Binance, Polygon, Avalanche, and Fantom with 2 more smart chains to be added using Router’s SDK.
Besides the grants from the Singapore-based blockchain protocol, Router Protocol, UniFarm has also signed a strategic partnership under which UniFarm will use Router’s cross-chain communication protocol for faster relay of transactions on Setu.
Setu was conceptualized with the objective of helping projects seamlessly adopt new chains. ‘Setu’ offers risk-free staking at any chain endpoint along with the opportunity to earn rewards in ETH, MATIC, FTM, AVAX, etc. (with 2 more smart chains in the pipeline) on every transaction. This acts as a way to earn users’ passive income, adding additional utility to each partner chain and token. Another additional advantage of Setu is that there is no lock-in so the users can get their assets at any time.
Commenting on the occasion, Mohit Madan, CEO, and Founder of UniFarm said, “We are thrilled to receive this developer grant from Router Protocol which is working at great lengths to allow developers to move liquidity across chains seamlessly. We are also excited to partner with Router Protocol to integrate their cross-chain messaging solution on Setu.”
Speaking about the strategic investment and partnership, MIT alumnus and veteran entrepreneur Ramani Ramachandran, Founder, and CEO of Router Protocol said, “At Router, our vision is to make web3 truly chain agnostic. It’s possible only when exciting players like UniFarm integrate cross-chain infrastructure into their offerings to expand their user base across a multi-chain ecosystem. We believe in UniFarm’s vision and wholeheartedly support this endeavor with more than just a grant.”
Tarusha Mittal, COO, and Co-Founder of UniFarm added, “At UniFarm, we always try to come up with unique product offerings that can help the Web 3 ecosystem and DeFi projects; be it to raise money via our IDO Launchpad to providing additional utility to their token to help them scale up with our group staking solution and adding liquidity to their token via our Liquidity pool farming. Setu is another extension of our product offering in this direction. It not only helps projects add liquidity but coupled with our staking solution, one can earn rewards too every time a user does a transaction. Also, since Setu works on an SDK which is completely decentralized, developers would be able to create apps on top of Setu, giving project tokens more exposure.”
With Setu, users can add liquidity to various endpoints and can transfer tokens seamlessly across chains. Liquidity providers can also earn on every transaction.
On the company front, UniFarm recently announced its global Web3Talk series. It will also be launching its Liquidity Farming Pool along with version 2 of its Group Farming. The project also plans to launch its own NFT in the coming quarter.
About UniFarm
UniFarm is a collaborative wealth creation platform where the best projects in DeFi space come together to provide value to investors. With its diverse range of services offering group staking, IDO Launchpad, and liquidity pool farming, UniFarm allows investors to earn high APYs while automatically diversifying their returns.
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About Router Protocol
Router was founded in August 2020 by Ramani Ramachandran, Shubham Singh, Chandan Choudhury, and Priyeshu Garg. Following the onset of new Layer-1s and scaling solutions, the team recognized a need for better interoperability infrastructure. Native bridge solutions were too slow and only focused on connecting two ecosystems.
For more information, visit https://www.routerprotocol.com/