TaoFi, a new DeFi project in the Bittensor ecosystem, has raised a strategic round of funding, led by DCG, with additional participation from Pantera Capital, Taostats, Lyrik Ventures, and other strategic partners.
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This funding will enable TaoFi to build foundational AI-powered DeFi primitives on the Bittensor EVM, including the first TAO-backed stablecoin, a decentralized exchange, and a liquid staked version of TAO.
“TaoFi is pioneering a critical next step in the evolution of Bittensor, by integrating foundational DeFi infrastructure that unlocks new financial utilities for the deAI network.”
Anna Bertha, Investment Lead at DCG
Anna continued, “We see TaoFi as a catalyst for pushing the boundaries of what’s possible on what we see as the leading hub for innovation in decentralized AI. The DCG team is thrilled to support their efforts in bringing the next wave of DeFi tools and liquidity solutions to the Bittensor ecosystem.”
About TaoFi’s Upcoming Products
TAO USD: An overcollateralized stablecoin to be deployed on the Bittensor EVM, backed by a basket of real-world assets and TAO.
TAO Swap: A decentralized exchange (DEX) on the Bittensor EVM, offering decentralized and permissionless trading for TAO and other assets on the network.
stTAO: A liquid staked version of TAO on Bittensor EVM.
TaoFi’s products aim to merge Bittensor’s AI capabilities with DeFi, advancing Bittensor’s mission of creating machine intelligence owned by everyone.
“We’re excited to announce this strategic raise with partners across the Bittensor ecosystem,” said Sam Forman, Founder of TaoFi. “Their support underscores the potential for TaoFi to bring meaningful innovation to Bittensor. We look forward to using these funds to accelerate the development of critical DeFi infrastructure and bring new functionality to Bittensor.”
