Root Protocol has raised $9 million in an equity round led by Road Capital. Nima Capital, Soma Capital and Manifest Crypto also participated.
"It's obviously a very unfortunate situation," said Parth Patel, a founding member of Root, in an interview with The Block."I think there's still a lot of learnings when it comes to on-chain governance, it's still a long way away from where it should be."
Beanstalk works by using loans to back the value of its native stablecoin Bean. Investors can buy Beanstalk debt assets known as"pods" that function like time-vested bonds, paying out an annual interest rate. Root will expand on this offering by aiming to develop markets such as interest rate swaps on Beanstalk yields and a sports betting platform. The funds from the round will primarily be used to directly invest in Beanstalk, as well as to help audit the protocol. Root is hoping to launch in October.
As a"credit-based stablecoin," Bean is not meant to maintain a hard peg and is supposed to oscillate above and below the $1 mark, according to Patel."I think I would call it a non-convertible low volatility token — algorithmic stablecoin is a trigger word these days and I don't blame people," he added.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Tom is fintech reporter at The Block. Before joining the team, he was an editorial intern at the FT-backed platform Sifted where he reported on neobanks, payment firms and blockchain startups.
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