Amulet, the first rust-based DeFi risk protection protocol, raises $6m in seed funding, led by gumi Cryptos Capital. 

Investors

The seed round is led by gumi Cryptos Capital, joined by Republic Capital, Solana Ventures, DeFiance Capital, Animoca Brands, UOB and Signum Ventures, Mirana Ventures, NGC, Longhash, Signum, SevenX Ventures, Digital Strategies, CMT Digital, Matrixport Ventures,  a41 Ventures,  Solar Ecofund, Daedalus Angels, Cobo Wallet, Re7 Capital, NetZero Capital and a few ecosystem partners such as Serum and Acala Network.

Amulet is being built with a vision of simple, reliable cover for everyone in Web3. The solution will be the first built on the Solana network and has been supported by Solana Ventures, who are also investors in the project. 

Partners

Serum, Port, Tulip, Francium, Delta, Kudelski.

Amulet utilises Solana’s PoS network to provide stable returns and provide cover services with their unique Protocol Controlled Underwriting and Future Yield Backed Claim mechanism, which minimizes the risk for the underwriting capital providers.   

In 2021, there was over $10bn lost due to various hacks and frauds in the crypto space, including $2.6bn in exploits on DeFi protocols (according to this Immunefi report). A lack of sustainable design and coverage gaps has led to cover options being persistently undervalued in the DeFi space and as a result, very little of that “lost money” has been recovered. This is a concern in the wider world too, for Metaverse, GameFi and the broader WEB3 space. 

The market needs better cover solutions and until the launch of Amulet, there has yet to be an offering available to DeFi investors. Amulet will be the first Rust-based DeFi risk protection protocol, initially deployed on Solana, and has been built to address the high market demand.

Amulet will adopt a multi-chain strategy and deploy to other non-EVM based ecosystems along the road.

Amulet is also targeting to be the first protocol to offer GameFi & NFT asset cover, Metaverse life and Property cover, and other protections for the rising WEB3 world.