From theblock by Yogita Khatri

DeFi.app, branding itself as "the Robinhood of decentralized finance (DeFi)," has raised $2 million in a seed funding round at a valuation of $100 million.

Mechanism Capital led the round, with Selini Capital, North Rock Digital and around 50 undisclosed angel investors participating, DeFi.app said Wednesday. Founded in 2023, DeFi.app began the fundraising process in the fall of this year and closed last week, founder and chief design officer Dan Greer told The Block. The seed round was structured as a simple agreement for future tokens (SAFT), Greer said, adding that the $100 million post-round valuation reflects the fully diluted valuation of HOME, DeFi.app's native token, which is yet to launch.

Notably, DeFi.app sold 2% of HOME's total supply in this round as opposed to the industry trend of offering a large share to institutional investors. Greer said DeFi.app's focus is on public token sales to involve the community, with plans to allocate at least 20% of the token supply for community distribution. The public sale dates have not yet been finalized.

What is DeFi.app?

DeFi.app aims to simplify DeFi trading while maintaining full self-custody of crypto assets. Greer described it as a user-friendly "everything app" that makes DeFi accessible to everyone, even those new to crypto.

"The market needs a 10x improvement in user experience," Greer said. "Not another Layer 2 or bridge, but a true app that finally makes DeFi accessible to everyone."

Through DeFi.app, users can buy tokens on any blockchain, perform "instant, one-click" cross-chain swaps, access decentralized derivatives markets and yield opportunities — all without gas fees or the need for bridges — Greer said. The platform uses "full-chain abstraction" to eliminate gas fees, employs passkeys and biometrics for security and requires no know-your-customer (KYC) checks, he added.

"Think Robinhood simplicity meets DeFi," Greer said. "We're making crypto accessible to the 98% of users still stuck on centralized exchanges."

DeFi.app aims to compete with both centralized and decentralized trading platforms. Centralized exchanges dominate the crypto space with over $40 billion in annual revenue but come with custodial risks, high fees and limited transparency, Greer claimed. Meanwhile, some DeFi apps have already achieved significant traction, generating millions of dollars in revenue per day, such as Photon ($3 million/day), Pump.fun ($2 million/day), and Bonkbot ($1.4 million/day), and DeFi.app aims to surpass these numbers following its launch, Greer said.

Launch timeline

DeFi.app's public beta is set to go live this month, featuring an esports-themed points tournament with rewards for participants. The mainnet launch, along with the HOME token debut, is slated for the first or second quarter of next year, Greer said.

Additionally, the project plans a token airdrop modeled after Hyperliquid's recent success, Greer said.

DeFi.app currently employs 20 people and Greer plans to double the team next year to grow the platform.