First DeFi Mutual Fund Sheesha Finance Raises $9.44 Million in Two Weeks
Sheesha Finance offers investors easy accessibility to a variety of DeFi projects without direct investment while providing market transparency and integrity
UAE Apr 13 2021 (Blockchain Wire)
Sheesha Finance (https://sheesha.finance/), the first comprehensive DeFi solution for investors to easily access a variety of projects while solving locked cryptocurrency issues, today announced it has raised a total of $9.44 million via its innovative initial token distribution mechanism known as a Liquidity Generation Event (LGE). Contributors to the LGE can claim their Liquidity Provision (LP) tokens to stake for platform native tokens (SHEESHA) as well as access to highly desirable DeFi projects, without having the need to invest in those projects directly. As an additional staking reward, the community will also receive an NFT created by Sheesha Finance’s Art Ambassador, VESA, a world-renowned crypto and mixed-media artist.
With total value locked in DeFi over $49 billion and new projects hitting the market almost weekly, investors are struggling to build a diversified portfolio of high-quality, reputable projects while ensuring they are getting the best APY on their investment. Sheesha Finance minimizes portfolio risk, saving investors time, money, and effort by staking participant LP tokens automatically to receive various DeFi project rewards and SHEESHA token rewards.
“We are thrilled and humbled to have raised $9.44 million in just two weeks,” said Saeed Hareb Al Darmaki, founder of Sheesha Finance. “With the strong support of the DeFi community, strategic advisors and partners onboard, we can provide exposure to reputable projects in the DeFi space while offering the best APY options for our ecosystem participants.”
Sheesha Finance chose to exclude private sales and early contribution bonuses to create a fair and transparent system for its community members. By offering an LGE, participants had an equal opportunity to contribute with a low minimum (some as low as .00001 ETH) to receive rewards. In total, LGE participants contributed 3171.31 ETH (valued at $6.35 million) and 7759.32 BNB (valued at $3.08 million).
After claiming their LP tokens, participants can begin receiving SHEESHA token rewards every block. SHEESHA token price will be decided by a smart contract based on the staked amount of BNB and ETH plus the available SHEESHA to mint. Each participant will get their proportionate token amount on Pancakeswap (if contributed in BNB) or Uniswap (if contributed in ETH).
Sheesha Finance’s LGE smart contract was audited by Zokyo, and passed with a 100% compared to the industry average of 95%. The audit report is available on the Sheesha Finance website.
The Sheesha Finance advisory board includes founding partner of Galaxy Digital and CEO of NFT.com, David Namdar; CEO at StakeHound Albert Castellana; serial investor and industry pioneer, Hartej Sawney; crypto investor and CEO of Transform Group, Michael Terpin and founder and CEO of Beyond Enterprises, Brad Yasar. A full list of advisors is available on the company Medium.
Shortly after launch, Sheesha plans to have the community control the platform via Decentralized Autonomous Organization (DAO) where native token holders will have voting rights. As DeFi evolves, Sheesha Finance will continue to bring in new products and services to support an engaged community.
To learn more, join the Sheesha Finance Telegram group.
About Sheesha Finance
Sheesha Finance (https://sheesha.finance/) is a one-stop-shop for DeFi projects, similar to a DeFi mutual fund. Sheesha aims to solve locked cryptocurrency inaccessibility issues in DeFi by creating easily convertible assets that can be freely utilized to maximize participant rewards and gain exposure to existing and upcoming DeFi projects. After launch, Sheesha Finance plans to maintain market transparency and integrity by giving control to the native token holders through a Decentralized Autonomous Organization (DAO).
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