MH Ventures, a boutique full service venture capital firm in the blockchain, cryptocurrency & web3 space, has joined Conveyor Labs seed round funding for their first-ever non-custodial, decentralised, and trustless protocol Finance. Conveyor that allows the automation of DeFi swaps on existing DEXs.
Conveyor Labs plans to use the funds raised to continue developing the project and increase marketing efforts. This will help them reach more potential users and get closer to their goal.
Kamran, Co-founder & partner at MH Ventures, said “Conveyor Labs is developing the first fully decentralised & trustless protocol for buy/sell limits, stop-losses, and more for DeFi traders who spend the majority of their day watching charts. We create innovative and complex web3 smart contracts and protocols while maintaining security.”
Conveyor.finance is an innovative decentralised app developed by Conveyor Labs. It can be used as a sidecar to your crypto wallet. Users can automate token swaps for their wallets anytime. It is a cross-chain compatible platform that will eventually support any EVM-compatible blockchain, layer 2, or side-chain. It is also compatible with any crypto wallet employing Elliptic Curve Digital Signature Algorithm to create private/public key pairs.
The Conveyor ecosystem consists of two primary components: the on-chain smart contract and the Beacon application. These two parts work in tandem to verify on-chain LP values, recognize market conditions, and perform specified swaps independently for the users. In this way, Conveyor provides a streamlined, convenient way for users to take advantage of market conditions and maximise their returns, as well as employ risk-mitigation measures for tokens with high price volatility.
Conveyor’s automation protocol removes custodial requirements and centralization from automating DEX swaps automation, so retail traders, investment DAOs, institutional traders, and token developer teams can be less concerned about if their trade will execute reliably or how their tokens are being handled during the process. .
A small automation fee (between 0.5% of the trade value and a max fee of 0.1 Ether) is charged for each swap, which is split between the Conveyor and the Beacon that successfully executed the transaction. This fee is based on the value of the swap, with lower-value trades having a fee closer to 0.5%, with a decreasing fee percentage as the trade value increases, until the upper limit fee of 0.1 Ether has been met.
They’ve also developed an advanced DEX aggregation algorithm when executing automated and manual transactions, saving traders an average of 20% in gas fees when executing the same transaction when compared to major aggregator competitors.
Rory Graman, the CEO at Conveyor Labs, said, "Ever since the first call we had with Lincoln, the MH Ventures team has proven to be nothing less than a pure value-add to Conveyor Labs. They have been refreshingly active in connecting us to several funds, partners, and project decision-makers to aid in our success and have presented opportunities that were previously inaccessible to us. We are extremely excited to have MH Ventures as partners and believers in our vision and feel very fortunate to have them support us as we travel down our journey."
MH Ventures has teamed up with some of the most well-known names in the crypto and blockchain industries, including Lend, magpie, Web3PORT, Sonic Wallet, SmartToken Labs, Decaf, Tatsumeeko, WINCAST, etc. They are passionate about investing in and supporting disruptive technologies and the people behind them. Their mission is to identify and invest in the best projects that have the potential to change the world for the better.
Conveyor Labs is a team of experienced entrepreneurs, developers, and mathematicians. They specialise in building complex and secure smart contracts and protocols, and aim to create innovative solutions that improve the experience of web3 users. Conveyor.Finance is their flagship project that allows users to automate their DeFi swaps on existing DEXs and perform aggregated DEX swaps.
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