XSY.fi launches digital synthetic dollar Unity on Avalanche
XSY.fi, a decentralized finance (DeFi) capital management platform, has launched the beta version of its digital synthetic dollar Unity (UTY) on Avalanche (AVAX), as per the reports shared with Finbold on Thursday, May 15. The launch highlights the ever-growing institutional interest in DeFi solutions and comes just as XSY is closing a $5 million pre-series A funding round led by Protagonist and Borderless Capital and backed by investors including Paper Ventures, Chainview Capital, Blizzard the Avalanche Fund, and Sonic Boom Ventures. What is XSY’s Unity? A next-gen synthetic dollar, Unity is designed to promote liquidity and capital efficiency in blockchain ecosystems. Namely, Unity lets AVAX holders maintain price exposure while earning yield by combining long spot holdings with short perpetual futures. This model has helped XSY draw over $20 million before the beta even launched. W. Sean Ford, Chief Executive Officer (CEO) of XSY, called Avalanche t...