By
Svetlana Soroka
May 11th, 2024
With crucial funding secured, Parsec Finance also launched its cutting-edge institutional-focused product that aims to help provide unparalleled data to easily discover DeFi opportunities.
Parsec Finance, an analytics platform focused on providing deep transparency in the nascent DeFi and NFT markets, announced a successful closure of a strategic funding round with about $4 million. According to the announcement, the Parsec Finance strategic funding was led by Galaxy Digital with key participation from Uniswap, Robot Ventures, CMT Digital, Will Price, Rice Maximalist, and Freddie Farmer, among many others. The funds are expected to help the firm provide more detailed DeFi analytics from different blockchains at a fair price.
According to the Parsec Finance founder Will Sheehan, the firm will remain a frontier in the mainstream adoption of digital assets by helping investors easily navigate through the complex DeFi ecosystem. Moreover, Sheehan highlighted that Parsec Finance will be adding more chains in its DeFi and NFTs analytics to ensure more discoverability.
“In many ways, on-chain markets have far exceeded my expectations from when I set out building parsec. The events of 2022 acted as a brutal validation of our mission; an open and transparent loan book is only as good as the tools allowing market participants to actually view it. We have been that tool for many small, medium, and very large market participants,” Sheehan noted.
Parsec Finance and the DeFi Market
With crucial funding secured, Parsec Finance also launched its cutting-edge institutional-focused product that aims to help provide unparalleled data to easily discover DeFi opportunities. Additionally, the startup unveiled public access to high-powered API in a bid to differentiate its product from others in the same ventures. Moreover, Parsec Finance offers users more than 110 real-time and customizable data modules that detail every block. Currently, Parsec Finance supports eight blockchains including Ethereum, Arbitrum, Optimism, Base, zkSync, Avalanche, Canto, and Mantle with intentions to add more in the near term future.
Founded in 2021, Parsec Finance has been useful to investors on several occasions including the Arbitrum (ARB) airdrop, the depeg of Tether (USDT) and Circle (USDC), the Ethereum Shapella upgrade, and closer insight into the Friend.tech. Notably, Parsec Finance provides users with different options including the free, pro, and team tiers to ensure maximum flexibility among the investors.
4/ Our Ventures Team is excited to back @wilburforce_ and the entire Parsec Team as they work to make DeFi transparent, block by block.
— Galaxy (@galaxyhq) October 11, 2023
The DeFi market has recorded a huge influx of users and institutional investors seeking to tap into the promising technology. According to market data provided through defillama, more than $36 billion is locked in the DeFi ecosystem which also supports over $123 billion in stablecoins market capitalization. Interestingly, the DeFi market has recorded over $96 billion in total funding, hence making it a lucrative sector that is yet to be fully capitalized.