OpenLeverage Announces Strategic Investment by Binance Labs
Binance Labs, the venture capital and accelerator arm of Binance, announced its investment in OpenLeverage, a permissionless lending and margin trading protocol for everyone. It integrates with decentralized exchange liquidity to serve the unsatisfied long-tail digital asset market.
OpenLeverage uses an innovative price reference mechanism called ‘OnDemand Oracle’, which is free from oracle creation and maintenance, accurate, and fast-tracking to protect lender and trader positions. The OnDemand Oracle has been stress-tested through the recent volatile market conditions and was able to support continuous lending and trading for some of the most volatile pairs. OpenLeverage provides access-free markets; any user who wants to create a new market can add token addresses for an existing tradable token pair from a DEX.
With more than 500 projects vying for just 14 positions in Season 4 of the Binance Labs Incubation Program, OpenLeverage was chosen as one of only two DeFi projects. As part of the Incubation Program, OpenLeverage attended to VivaTech, Europe’s biggest startup and tech event, and presented its pitch in front of the tech industry leaders.
The proceeds from the raise will be used to strengthen OpenLeverage’s presence on the BNB chain and develop a multi-chain ecosystem with planned expansions to other EVM-compatible chains like Polygon, and Avalanche in the second half of 2022, and Ethereum Layer 2 solutions, Arbitrum, and Optimism.
OpenLeverage also plans to incorporate more DEX partners and build new features such as limit orders for trades, over-collateralized lending, smart vaults for optimized liquidity routing, decentralized asset management, and social trading via NFTs.
Jackie, CEO of OpenLeverage, commented: “We are committed to our protocol’s permissionless and transparent values. With Binance Lab’s support, OpenLeverage will unleash its fullest potential and enable more users to experience permissionless lending and margin trading. We have so much more in store for our users, with many exciting features under development and an ambitious road map. We remain focused on building and deploying high-quality user products despite the challenging market conditions ahead.”
Since launching in December 2021, OpenLeverage has scaled aggressively, reaching more than $500 million in trading volume, with over 17,000 active users and 240 unique markets at press time.