Amulet, a new DeFi (decentralized finance) risk protection Protocol for rust-based ecosystems, has successfully raised $6m in its first funding round. The seed round is led by gumi Cryptos Capital, joined by Republic Capital, Solana Ventures, DeFiance Capital, Animoca Brands, UOB and Signum Ventures, Mirana Ventures, NGC, Longhash, Signum, SevenX Ventures, Digital Strategies, CMT Digital, Matrixport Ventures, a41 Ventures, Solar Ecofund, Daedalus Angels, Cobo Wallet, Re7 Capital, NetZero Capital and a few ecosystem partners such as Serum and Acala Network.
Amulet is being built with a vision of simple, reliable cover for everyone in Web3. The solution will be the first built on the Solana network and has been supported by Solana Ventures, who are also investors in the project.
In the past year, Solana TVL (Total Value Locked) has been growing faster than Ethereum (ETH) but there is currently no native risk protection protocol. Amulet is the first.
Amulet utilises Solana’s PoS network to provide stable returns and provide cover services with their unique Protocol Controlled Underwriting and Future Yield Backed Claim mechanism, which minimizes the risk for the underwriting capital providers.
In 2021, there was over $10bn lost due to various hacks and frauds in the crypto space, including $2.6bn in exploits on DeFi protocols (according to this Immunefi report). A lack of sustainable design and coverage gaps has led to cover options being persistently undervalued in the DeFi space and as a result, very little of that “lost money” has been recovered. This is a concern in the wider world too, for Metaverse, GameFi and the broader WEB3 space.
The market needs better cover solutions and until the launch of Amulet, there has yet to be an offering available to DeFi investors. Amulet will be the first Rust-based DeFi risk protection protocol, initially deployed on Solana, and has been built to address the high market demand. Amulet will adopt a multi-chain strategy and deploy to other non-EVM based ecosystems along the road.
“Lately we’ve seen some epic hacks in cross-chain bridges.” said Miko Matsumura, Managing Partner of gumi Cryptos Capital “we appreciate the novel design of Protocol Controlled Underwriting and feel that this mechanism will become a standard way to mitigate some of the substantial risks in DeFi.”
Amulet is being built from the ground up and led by Rupert Barksfield, a serial entrepreneur who has over 15 years of experience within the technology sector and started in Crypto way back in 2016.
“I am extremely excited to be leading the launch of Amulet. We’ve built an incredible team and aim to build a powerhouse community driving adoption of web3 while protecting your risk. There is an enormous TVL ($35bn+) for Rust based ecosystems and this is a market that we can, not only penetrate but also lead the way for protecting more users from potential hacks, fraud and other risks. After analysing the future projections deeply, the next 5 years are going to be extremely important for our own growth and that is why we had to act today to announce Amulet. Amulet is built, with openness, scalability and sustainability at the forefront of our minds” Rupert Barksfield, Project Lead, Amulet
Amulet is also targeting to be the first protocol to offer GameFi & NFT asset cover, Metaverse life and Property cover, and other protections for the rising WEB3 world.
For more on Amulet head to Amulet.org