Single Finance has raised a seed round of $1.2 million from notable crypto investment funds and angels, including 0xVentures, Enzac Research, Genblock Capital, Trinity Venture Capital, SkyVision Capital, and some angels in the industry who wish to remain anonymous. Contango Digital Assets and Aventures will also join as strategic partners to strengthen the connection to the DeFi space.
Single Finance is bringing a user-friendly experience and capital protection to DeFi for everyone to earn more securely. The primary goals of both new and experienced farmers are to earn a high yield without suffering too much impermanent loss or being liquidated in a flash. Single users can just supply assets and enjoy the pseudo-market-neutral liquidity mining experience with just a single click.
Single Finance borrows digital assets from its lending pool and sends them with deposited funds to decentralized exchanges like TraderJoe, Pangolin and VVS.finance. The yield obtained from the platform is auto-compounded by Single Finance bots. The non-stablecoin asset of the selected liquidity pair is fully hedged by the asset borrowed at the beginning of the position. The impermanent loss impact, therefore, is minimized. Re-balancing of the liquidity pool assets is done by the bot automatically.
The best thing about Single Finance is that it calculates APY and implements a stop-loss mechanism valued by the principal value in USD. Single Finance strategy users won’t lose more than 15% of their capital in USD. The capital is protected by a stop-loss bot and a rebalancing bot, so users can sleep well after monitoring the market situation and adjusting the position manually.
From a practical perspective, Single Finance allows its users to keep their funds at their favorite chain while earning yields from other chains. Though Single Finance will only support Avalanche and Cronos in the first launch in January, its litepaper states that more EVM-compatible chains can be supported eventually.
Another key product offered by Single Finance is the Time Machine — the first and revolutionary liquidity mining database in the DiFi world. The feature provides real return performance data, including trading fees, DEX yields and price impact to help farmers make the best decisions. Time Machine also allows users to compare the performance differences between farming in a liquidity pair and farming in non-stablecoin assets in the same liquidity pair.
"Single Finance's realization of a single-click deployment for risk-managed leveraged yield farming strategies on a burgeoning ecosystem with cross-chain ambitions was a no-brainer for us. Solid team, interesting and useful product, new ecosystem made the decision easy," said 0xairtx, partner of 0xVentures.
The Single Finance team stated that they aim to launch both Single-Click Strategy and Time Machine in January of 2022.