TORONTO, Sept. 13, 2021 /PRNewswire/ – Prophecy DeFi Inc. (“Prophecy DeFi” or the “Firm“) (CSE: PDFI) is happy to announce that, additional to its press releases of June 8, 2021 and July 9, 2021, it has accomplished the beforehand introduced acquisition (the “Transaction“) of the remaining 40% of the issued and excellent widespread shares of Layer2 Blockchain Inc. (“Layer2“). As consideration for the Transaction, the Firm issued an extra 25,000,000 widespread shares of the Firm (every a “Widespread Share“) to the shareholders of Layer2 on a professional rata foundation.
All Widespread Shares issued in reference to the acquisition of Layer2 are topic to voluntary lock-ups of as much as 21 months, topic to sure accelerated releases within the occasion the Firm’s widespread shares commerce above sure costs. Additional data on the Transaction might be discovered within the press releases of the Firm dated June 8, 2021 and July 9, 2021.
Prophecy DeFi initially acquired a 60% curiosity in Layer2 Blockchain on July 8th. Layer2’s administration group has confirmed to be extraordinarily expert at figuring out alternatives within the Decentralized Finance (“DeFi“) area, executing on market trades and creating returns that exceeded Prophecy DeFi’s targets. On this foundation, the Firm determined to proceed with accelerating the timeline of the acquisition of the remaining 40% curiosity in Layer2 Blockchain.
“We’re thrilled to accumulate full possession of this progressive firm,” stated John McMahon, CEO, Prophecy DeFi. “Layer2 is managed by an especially gifted group of DeFi operators, and we can be accelerating the expansion of the present Layer2 enterprise with further capital and assets that may proceed to boost their operations.”
“This relationship with Prophecy DeFi is really symbiotic. With the entry to capital and educated advisors that Prophecy DeFi provides, we’re capable of focus our efforts on executing our marketing strategy. Simply 60 days after the preliminary Transaction, we have confirmed the enterprise thesis and see an incredible future within the development prospects of the corporate.” stated Andrew Younger, CEO, Layer2 Blockchain.
Layer2 makes a speciality of liquidity provisioning, pooled lending, and staking in non-Ethereum DeFi protocols. By offering capital to rising marketplaces, Layer2 doesn’t simply revenue from excessive yields, but in addition takes an early possession stake in these rising exchanges.
Layer2 Blockchain Efficiency
Layer2 Blockchain has carried out exceptionally properly because it started deploying capital into DeFi alternatives on July 17th. As of September 2nd, or its first 47 days of operations, Layer2 has initiated 9 trades. The biggest of those trades was offering liquidity provisioning to DinoSwap and the quantity of capital deployed into this commerce reached a top of $3,282,660.50. By way of this commerce alone, Layer2 has had capital appreciation of $1,023,719 on this interval and yielded a time weighted price of return of 77.75%. This commerce stays energetic and continues to generate optimistic returns.
Additional to the DinoSwap commerce, Layer2 initiated further trades inside this 47-day interval, by deploying capital via liquidity provisioning on ApeSwap, QuickSwap and Impermax the place ETH, BTC, MATIC, and steady cash have been deployed. These trades have yielded holding interval returns of 76.31%, 42.3%, and 25.9%, respectively. Layer2 aggressively compounds the earnings from these trades a number of instances a day to amplify returns.
The corporate is seeing a rising variety of alternatives to extend its exercise and capital deployment into this high-growth market.
DeFi is likely one of the quickest rising asset lessons worldwide, having grown 150x from lower than $1B in Might 2020 to over $150B in whole worth locked at the moment.1
For the reason that preliminary acquisition of Layer2 on July 8th, Prophecy DeFi has superior $1.1M to Layer2 as a way to speed up the expansion of the enterprise. With the closing of this Transaction, Prophecy DeFi is planning to advance further funds to Layer2, which will enable them to reap the benefits of new and shortly rising market alternatives.
Layer2’s efficiency is strengthened by the continual enlargement of Prophecy DeFi’s Advisory Committee. Prophecy DeFi’s Advisors are world-renowned leaders in DeFi and blockchain know-how, who’ve constructed a few of the largest and quickest rising protocols within the sector. These Advisors assist Prophecy DeFi’s long-term mission to not solely capitalize on alternatives out there, however to actively develop and construct on present DeFi infrastructures. The experience, entry, and business connections of Prophecy DeFi’s Advisory Committee is proving to be paramount in attaining these company targets and can proceed to function a aggressive benefit to the operations of Layer2.
The Firm has agreed to increase a consulting contract with an investor relations agency, The Bid Capital (the “Contract”). The Contract has a payment payable of $250,000, which can be happy via the issuance of 500,000 widespread shares at a deemed worth of $0.50 per share (the “Shares”). These Shares can be topic to a statutory holding interval expiring on the date that’s 4 (4) months and in the future from the issuance date and topic to an extra escrow of as much as 21 months primarily based on sure agreed upon efficiency milestones. In reference to the Transaction, the Firm agreed to difficulty 500,000 widespread shares to a sure eligible finder. The shares issued to such finder are topic to the identical lock-ups as famous above.
About Layer2 Blockchain
Layer2 Blockchain is targeted on accelerating the event of the DeFi business on scalable blockchains by offering early-stage liquidity to essentially the most promising DeFi tasks.
Extra details about the Firm might be discovered on the Firm’s web site at www.layer2defi.com
About Prophecy DeFi
Prophecy DeFi (CSE:PDFI) goals to carry collectively know-how start-ups within the Blockchain and DeFi sectors to fund innovation, elevate business analysis, and create new enterprise alternatives in a coherent ecosystem.
Extra details about the Firm might be discovered on the Firm’s web site at: www.prophecydefi.com
Sure data set forth on this information launch might comprise forward-looking data that includes substantial recognized and unknown dangers and uncertainties. This forward-looking data is topic to quite a few dangers and uncertainties, sure of that are past the management of the Firm, together with, however not restricted to, the affect of basic financial circumstances, business circumstances, and dependence upon regulatory approvals and the likelihood that the completion of the transaction might not happen. Readers are cautioned that the assumptions used within the preparation of such data, though thought of cheap on the time of preparation, might show to be imprecise and, as such, undue reliance shouldn’t be positioned on forward-looking data. The events undertake no obligation to replace forward-looking data besides as in any other case could also be required by relevant securities legislation.
Neither the Canadian Securities Alternate nor the Funding Business Regulatory Group of Canada accepts duty for the adequacy or accuracy of this launch.
SOURCE Prophecy DeFi Inc.