HAL secures $3 million seed funding and integration with DeFi platform Aave

Quick Take

  • HAL helps users automate blockchain data for a variety of use cases.
  • Aave users voted unanimously to integrate HAL for providing notifications about the safety of their investment positions.

Blockchain analytics provider HAL has secured $3 million in seed funding led by CoinFund, Eden Block, and Animoca Brands.

Other investors in the capital raise include Hashkey Capital, Wintermute, SkyVision, imToken Ventures, Bitcoin.com, as well as Alan Howard’s Piquet Ventures, among others. The company plans to utilize the funds to increase its workforce while also launching new products geared towards servicing the broader gaming and fintech industries.

HAL providers individual and corporate users with a suite of monitoring and position tracking services designed to provide actionable insights from blockchain data streams.

Apart from the seed funding, Aave users also recently voted to integrate HAL on the platform. The integration will see HAL providing “health factor” notifications to Aave users about the safety of their investment positions.

In a conversation with The Block, HAL co-founders Manlio Poltronieri and Marco De Rossi described the “health factor” notification system as an important solution for the management of liquidation risks on DeFi protocols. The service sends push notifications to users based on a predetermined threshold so that they can know if their positions are in danger of being liquidated.

DeFi Recipes

According to Poltronieri and De Rossi, health factor is one of over 40 on-chain data-based analytics services the company calls “recipes.” These API recipes can be deployed on DeFi projects across multiple chains, the co-founders added.

De Rossi also emphasized the point that HAL’s services highlighted viable means by which centralized and decentralized systems could co-exist. The HAL co-founder described the company’s services as the glue that can hold centralized and decentralized protocols together.

According to De Rossi, “gluers” like HAL that are non-custodial and replaceable will play pivotal roles in creating a more robust digital economic system that accommodates both centralized and decentralized protocols.

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