DeFi Land raises $4.1M to launch decentralized finance game on Solana
Blockchain gamification platform DeFi Land has secured $4.1 million in investments to launch a new decentralized finance game on Solana, further highlighting the growing ecosystem surrounding SOL.
The investment round had participation from over 40 investors, including some of the biggest names in blockchain venture capital. Animoca Brands, Alameda Research, Jump Capital, NGC Ventures, Solana Foundation and Gate.io were among the major investors involved.
DeFi Land operates as an agriculture simulation game designed to gamify all aspects of decentralized finance. The goal is to create educational solutions for users looking to explore DeFi or other alternative finance solutions. The platform introduces a play-to-earn model that allows users to earn income for completing tasks or reaching milestones.
Brian Lee, a senior executive at Alameda Research, said DeFi Land blends “two of the most interesting things happening in crypto right now - gaming and DeFi.” This increases the odds of casual gamers and crypto users entering the decentralized finance market for the first time.
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Although DeFi Land is primarily targeting retail investors with exposure to cryptocurrency and gamers who have not yet entered the market, demand for DeFi protocols is quickly scaling to include major institutions and accredited investors. As Cointelegraph recently reported, large institutional investors dominated the decentralized finance market in the second quarter.
New data from Chainalysis found that large institutional transactions accounted for over 60% of DeFi transactions between April and June, compared with under 50% for all cryptocurrency transactions. When measured in terms of total value locked, or TVL, the DeFi market is currently worth over $170 billion, according to industry data.