CoinDesk reported thatTinyman, an automated market maker (AMM) on the Algorand blockchain, has raised $2.5 million ahead of its full launch. The funding round included investors such as Borderless Capital, Arrington Capital, and The LAO, with support from Genesis Capital, Digital Currency Group, BlockTower Capital, and GoldenTree Asset Management. Tinyman aims to attract decentralized finance (DeFi) users to Algorand by offering an alternative to Ethereum's high fees. The investment follows Algorand Foundation's launch of a $300 million fund to support DeFi projects on its network. Tinyman's founder, Kaan Eryilmaz, highlighted the platform's potential to drive growth and innovation on Algorand.
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