- Block Dream Fund has invested in Prepare dinner Protocol
- Prepare dinner Protocol is a DeFi undertaking constructing a decentralized asset administration platform
- Prepare dinner Protocol CEO Adrian Peng mentioned that alongside the funding, the funding will even convey enterprise improvement help and useful connections
OKEX-backed Block Dream Fund invests in Prepare dinner Protocol
Cook Protocol, an Ethereum-based decentralized finance undertaking has introduced an funding from Block Dream Fund, an funding arm established by the OKEx cryptocurrency trade. Prepare dinner Protocol and Block Dream Fund didn’t disclose the scale of the funding.
Prepare dinner Protocol is a decentralized asset administration platform the place fund managers can deploy index-based or actively managed funds, the place a consumer’s share in a selected fund is represented by ckTokens. In accordance with the technique set by the fund supervisor, the fund can then allocate property into decentralized buying and selling and lending protocols which were whitelisted by the Prepare dinner Protocol group. The protocol additionally leverages a number of decentralized oracle options, together with Chainlink, Band Protocol, Uniswap Oracle, and others.
The protocol’s governance is facilitated via COOK, a token used to create on vote on proposals for altering sure elements of Prepare dinner Protocol. This consists of choices akin to whitelisted DeFi protocols, payment changes, in addition to adjustments to the governance mannequin itself. 60% of the whole COOK provide will probably be distributed to the protocol’s customers via mining rewards.
OKEx has allotted a complete of $100 million for the Block Dream Fund to make use of in its investments. Already final yr, OKEx was fast in responding to the sudden surge in demand for DeFi by itemizing an enormous number of DeFi-related tokens. By way of Block Dream Fund, OKEx is now seeking to become involved within the DeFi house extra immediately.
Right here’s what Prepare dinner Protocol CEO Adrian Peng needed to say concerning the backing from Block Dream Fund:
“It’s an absolute pleasure to obtain funding from OKEx’s Block Dream Fund. We’re positive that their funding will assist us an awesome deal in our means ahead with Prepare dinner Protocol. Other than the funding, Block Dream Fund will even assist us set up useful connections and help us with enterprise improvement. This displays their dedication to every undertaking they put money into and positively signifies how enormously we are going to profit from their help.”
The Prepare dinner Protocol crew has been making progress behind the scenes – the crew says that it has completed the event of its HECO index, and the code is presently being audited by SlowMist. The crew has additionally made progress of the Prepare dinner Protocol’s platform front-end, finishing the design and starting front-end improvement.