Leading DeFi Mutual Fund Sheesha Finance Raises $9.44 Million


CommPRO Editorial Staff

Sheesha Finance, the first comprehensive DeFi solution for investors to easily access a variety of projects while solving locked cryptocurrency issues, 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.

Source: Blockchain Wire