Amulet, Rust Based DeFi Insurance Protocol, Raised $6M in Seed Finance, Led By Gumi Cryptos Capital
AMULET, a DeFi (decentralized financing) insurance protocol for rust-based ecosystems has raised $6m in its initial funding round. Gumi Cryptos Capital led the seed round, along with Republic Capital and Solana Ventures. DeFiance Capital, Animoca Brands and Signum Ventures. Mirana Ventures. NGC, Longhash and Signum. Matrixport Ventures Digital Strategies. CMT Digital. Matrixport Ventures. Re7 Capital. Amulet is a web-based insurance platform that provides simple and reliable coverage for anyone in Web3. This solution will be the first to be built on the Solana network. It has also been supported by Solana Ventures who are investors in the project. Solana TVL (Total Value Locked) has grown faster than Ethereum (ETH), but currently there is no native insurance protocol. Amulet was the first. Amulet utilises Solana’s PoS network to provide stable returns and provide insurance services with their unique Protocol Controlled Underwriting and Future Yield Backed. The Claim Mechanism reduces risk for underwriting capital provider. According to the Immunefi report, $10bn was lost to frauds and hacks in cryptospace in 2021. This includes $2.6bn from exploits on DeFi protocols. A lack of sustainable design and coverage gaps has led to insurance being persistently undervalued in the DeFi space and as a result, very little of that “lost money” has been recovered. This concern is also present in the wider WEB3 world, including Metaverse, GameFi, and the broader WEB3. Amulet will provide better options for insurance. DeFi investors have not had access to an offer like Amulet until now. Amulet is the first Rust-based DeFi Insurance protocol. It was initially deployed on Solana and has been designed to meet high market demand. Amulet will use a multi-chain strategy to deploy to other non EVM-based ecosystems.