Ariadne, a multi-chain aggregator and para-token powered dashboard to move assets cheaper and faster across blockchains, has closed $835,000 in funding. Participating investors include LedgerPrime, Impossible Finance, Rarestone Capital, D1 Ventures, Incuba Alpha, Supernova, Exnetwork, Parsiq, and more. Angel investors in the round include Darren Lau, Sandeep Nailwal, Santiago Santos, Fabien Marino from Snapshot, and Nick Chong from Parafi.
Ariadne is looking to solve one of the biggest pain points in DeFi: high fees and friction when navigating cross-chain DeFi opportunities. This includes helping to reduce high swapping and bridging costs for both EVM and non-EVM chains, saving both casual and DeFi power users time in the process. Ariadne does this by allowing users of any supported chain to enter and exit yield farms in one place, without needing to interact or be exposed to bridges, swaps, slippage, and transaction costs during their daily DeFi operations.
Ariadne CEO Eugene Shimalsky says, “Ariadne was born out of a personal and team frustration around current DeFi usability. While the industry is still relatively nascent, this nascency is the cause of sub-optimal user experiences. Ariadne will help solve some of these issues by bringing aggregating and simplifying opportunities in one place, without any of the current friction.”
Joel John of LedgerPrime says “We are in the age of multi-chain networks. Retail oriented applications have begun having to launch their own stand alone chain due to rising fees. Axie’s launch of its Ronin Chain is a good indication of this trend. As a fund, we have been investing in the theme for quite a while and believe there will be multiple approaches to creating a unified funnel for assets to move across chains. Ariadne’s decentralised marketplace allows the market to determine bridge costs which should create entirely new dynamics for end users. We are keen to see the impact of the venture of large scale yield farms that require assets interacting with one another in a cross-chain fashion”.
Ruby Wu of Incuba Alpha says, “We’ve seen a super hot multichain summer in 2021 and have been looking for products to improve the multichain farming experience ever since. Users are looking for products that help with lowering the bridge cost, managing gas fees on different chains, aggregating the fragmented liquidity, improving capital efficiency to better enjoy the multichain yield. The Ariadne team has demonstrated strong ability to provide cross-chain one-stop solutions to users and we see large potential for them to grow along with the multichain universe.”
Allen Gomberg of Parsiq says, “As the market stands, bridging and moving assets around to various farms on different chains has really become a headache. Ariadne is building a platform that allows users to move funds between farms on different chains more easily while reducing fees. As more and more chains gain popularity and protocols become multichain, we’ll see more users relying on protocols like Ariadne that streamline the process.”
Ariadne is currently available on multiple testnets and will soon be deployed on Polygon, BSC, ETH, and Aurora (NEAR). The company received previous seed funding from Supernova, ExNetwork, Black Unicorn, Spark Network, Tritium Ventures, Parsiq and Legion Ventures.
Most recently, Ariande announced a grant from the NEAR Foundation that will also establish a long-term partnership. Ariadne has deployed smart contracts to Aurora (NEAR EVM) and is developing contracts for NEAR to grant access to the “best incentivized farms from Ethereum, BSC, Polygon, and Solana” without having to leave NEAR.