Impossible funding, a defi protocol based on Binance Smart Chain, has completed a $ 7 million seed funding round backed by more than 125 institutional investors and angels, and the funds are earmarked for the development of a multi-chain DeFi incubator.
The seed funding round was led by venture capital firm True Ventures, and quantitative investment firm Alameda Research, blockchain development firm Hashed, and investment firm CMS Holdings.
Impossible Finance was launched on BSC on April 9th and The protocol currently offers DeFi investors token exchanges, liquidity pools and staking rewards via the Impossible Finance (IF) token..
The new funding will be used to develop a multi-chain ecosystem for the project, which plans to expand support for Ethereum and Polygon and roll out to Layer 2 solutions (L2) and other platforms in the future.
As part of the multi-chain ecosystem, Impossible is also developing an automated market maker (AMM) liquidity protocol that will serve as the backbone of a decentralized incubator and launch pad for new DeFi projects.. And of course it will start the Impossible Decentralized Incubator Access (IDIA) token.
Plans to expand support for Ethereum and Polygon come at the right time amid a wave of recent exploits at the BSC, including a growing list of hacks.. The question that arises is whether the hacks and exploits are somehow endemic to the platform’s operation or are just part of its growth problems.
In the past few weeks, the DeFi protocol BurgerSwap lost $ 7.2 million in a flash loan attack, along with Belt Finance return log which lost $ 6.3 million after a hacker exploited a bug in the log vault.
PancakeBunny suffered a $ 200 million flash loan attack from a hacker who borrowed a “huge amount” from Binance Coin (BNB) and then manipulated the price of BUNNY and dumped everything and completely lowered the price of the asset. The Spartan Protocol was also deprived of $ 30 million in a coordinated attack on its liquidity pool..
Earlier this year, users of the Meerkat Finance Performance Vault project lost $ 31 million on the platform due to an alleged carpet tear by the developers. Uranium Finance, an AMM platform based on the BSC, has been hacked, in which the hacker allegedly exploited a bug in Uranium’s balance modifier logic and stole $ 50 million in the process.