BARCELONA, Spain, March 23, 2023 (GLOBE NEWSWIRE) -- Quasar Finance has launched its mainnet, introducing a dedicated digital asset management blockchain, allowing investors to manage their DeFi investments across multiple chains, enabled by the Inter-Blockchain Communication Protocol (IBC).
Quasar aims to become the go-to decentralized asset management platform. It works by allowing investors to deposit funds into permissionless, non-custodial investment vehicles, known as ‘vaults,’ which are optimized to work across multiple blockchains.
Quasar's innovation is to create a dedicated L1 to run vaults, unlocking specific features that would not be possible on general-purpose blockchains. Quasar leverages this to give users more power to customize their investment profile and strategies, all while providing top-tier security and allowing users to connect to other blockchains without any reliance on cross-chain bridges (which have proved to be a significant risk to investors).
This move forward follows the announcement of Quasar’s recent $5.4m USD bridge round. In total, the team has now raised more than $11.5 million USD for the project by investors such as Polychain Capital, Blockchain Capital & Shima Capital. Powered by IBC-enabled smart contracts, Quasar’s goal is to empower investors with easy access to the emerging interchain landscape of numerous individual blockchains, within the Cosmos ecosystem and beyond.
As blockchains become easier to build, developers and users are finding value in application-specific blockchains (appchains) focused on particular use cases. The Cosmos ecosystem provides tools for constructing appchains, and the Cosmos SDK champions the concept of many independent and interoperable chains, known as the “internet of blockchains.”
Fragmented constellation
However, this fragmented constellation of blockchains poses new challenges and opportunities for decentralized asset management and DeFi more broadly. Quasar is directly addressing these challenges with an original solution — a dedicated appchain supporting highly-customizable vaults designed uniquely for cross-chain strategies.
Valentin Pletnev, Lead and co-founder of Quasar Finance said: “We are beyond excited to finally launch on mainnnet. This launch is the result of years of hard work from a dedicated and passionate team that is committed to delivering on the promise of blockchain technology to provide decentralized finance solutions to the world.
“Quasar is primed to become the gateway to decentralized asset management for the rising multi-blockchain ecosystem. The combo of a dedicated appchain, customizable vaults, and self-governance features make it a game changer for DeFi services. Quasar's mainnet launch is expected to attract more liquidity providers and strategists looking to crowdsource interchain capital, while providing more yield opportunities for individual LPs.”
In Quasar’s vault-strategy model, vaults act as a bookkeeping mechanism for users and their assets — connected via self-custody wallets — while strategies are combinable and interchangeable sub-components with execution logic to carry out financial strategies.
Vault to the future
Liquidity providers (LPs) on Quasar can access actively managed strategies by using vaults. With interchangeable strategies, Quasar’s dynamic vaults can respond to changing market conditions by combining expert guidance and collective decision-making. Vaults allow LPs to efficiently crowdsource and deploy capital in a permissionless, transparent, and self-governed way.
With vaults, a group of several LPs aggregate their assets and use automation to invest more efficiently together. A vault’s strategies are adjusted by administrators through vault-specific governance that takes input from LPs for collective decision-making. Quasar can bring assets together, and bring people together, to address the challenges and opportunities presented by interchain DeFi.
Quasar's launch comes at a time following a major boom in DeFi in recent years. Total value locked (TVL) has grown from about $600 million USD in 2020 to more than $40 billion USD at the start of 2023. As DeFi develops, there is an increasing need for accessible interfaces for more advanced financial strategies. Vaults are well-suited for this, and a multi-vault platform designed for cross-chain strategies would address these needs.
$QSR is Quasar’s native token, used to validate and secure Quasar’s proof-of-stake (PoS) blockchain and execute on-chain transactions. To connect the network’s health and security with the sustainable growth of vaults, vault creators will need to delegate a minimum amount of $QSR to validators. Quasar also plans to use a $QSR treasury which will serve as a community pool governed by $QSR stakers and as a source of protocol-owned liquidity as well as creating an index of the underlying tokens traded in Quasars Strategies, resulting in the $QSR token aiming to become a defacto index for IBCs growth and interchain DeFi.
To find out more visit: www.quasar.fi
About Quasar Finance
Quasar Finance makes digital asset management simple, accessible, and secure. It is a platform designed to allow users to easily create and multi-chain vaults — independent asset containers equipped with IBC technology enabling interchain value capture in the Cosmos ecosystem and beyond. Quasar has a large and growing community, with more than 40k followers on Discord, and more than 30k across Twitter.
The multi-chain future is here, yet DeFi remains extremely fragmented. Recently, the Cosmos ecosystem has released the Inter-Blockchain Communication Protocol (IBC), a powerful technology to enable token and data transfer between chains. Quasar utilizes the latest in IBC to offer the most advanced and accessible structured investment products in DeFi.
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