DeFi Venture Cook dinner Protocol Receives Funding From OKEx’s Block Dream Fund

Key highlights:

  • Block Dream Fund has invested in Cook dinner Protocol
  • Cook dinner Protocol is a DeFi challenge constructing a decentralized asset administration platform
  • Cook dinner Protocol CEO Adrian Peng mentioned that alongside the funding, the funding can even convey enterprise improvement help and invaluable connections

OKEX-backed Block Dream Fund invests in Cook dinner Protocol

Cook dinner Protocol, an Ethereum-based decentralized finance challenge has introduced an funding from Block Dream Fund, an funding arm established by the OKEx cryptocurrency alternate. Cook dinner Protocol and Block Dream Fund didn’t disclose the dimensions of the funding.

Cook dinner Protocol is a decentralized asset administration platform the place fund managers can deploy index-based or actively managed funds, the place a consumer’s share in a selected fund is represented by ckTokens. In accordance with the technique set by the fund supervisor, the fund can then allocate belongings into decentralized buying and selling and lending protocols which have been whitelisted by the Cook dinner Protocol group. The protocol additionally leverages a number of decentralized oracle options, together with Chainlink, Band Protocol, Uniswap Oracle, and others.

The protocol’s governance is facilitated by way of COOK, a token used to create on vote on proposals for altering sure facets of Cook dinner Protocol. This contains choices comparable to whitelisted DeFi protocols, payment changes, in addition to modifications to the governance mannequin itself. 60% of the full COOK provide can be distributed to the protocol’s customers by way of mining rewards.

OKEx has allotted a complete of $100 million for the Block Dream Fund to make use of in its investments. Already final yr, OKEx was fast in responding to the sudden surge in demand for DeFi by itemizing an enormous number of DeFi-related tokens. By way of Block Dream Fund, OKEx is now trying to become involved within the DeFi house extra straight. 

Right here’s what Cook dinner Protocol CEO Adrian Peng needed to say in regards to the backing from Block Dream Fund:

“It’s an absolute pleasure to obtain funding from OKEx’s Block Dream Fund. We’re certain that their funding will assist us an ideal deal in our means ahead with Cook dinner Protocol. Other than the funding, Block Dream Fund can even assist us set up invaluable connections and help us with enterprise improvement. This displays their dedication to every challenge they spend money on and definitely signifies how enormously we are going to profit from their help.”

The Cook dinner Protocol staff has been making progress behind the scenes – the staff says that it has completed the event of its HECO index, and the code is at present being audited by SlowMist. The staff has additionally made progress of the Cook dinner Protocol’s platform front-end, finishing the design and starting front-end improvement.

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