Cointime

Cointime

Download App
iOS & Android

Steer Protocol Raises $1.5M in Seed Funding to Revolutionize Off-Chain Computing and Liquidity Management

Cointime Official

Steer Protocol, a cutting-edge decentralized compute platform, announced today that it has successfully raised $1.5 million in a recent seed investment round. The round was led by Druid Ventures, with participation from Republic Capital and Big Brain Holdings, among other notable VC firms and angel investors.

The funds raised will be utilized to expedite the continued development and imminent deployment of Steer Protocol's innovative offerings, which are expected to provide significant benefits to DeFi projects and stakeholders across the board.

As Steer Protocol approaches launch, its initial focus is to address liquidity management challenges with Concentrated Liquidity (CL) products. These products will enable liquidity providers to allocate capital more efficiently, resulting in improved returns and reduced slippage for traders.

Steer Protocol will also give protocols the ability to create incentivized vaults for their tokens, bootstrapping liquidity and fostering more efficient markets. Additionally, developers building on top of Steer Protocol’s CL products can earn a 5% performance fee on their strategies, incentivizing high-quality market-making strategies and offering a new revenue stream for projects and developers.

Furthermore, the Steer Protocol platform includes a comprehensive backtesting suite, allowing developers to build, test, and optimize market-making strategies before deploying them in live markets, thereby mitigating risks and enhancing performance.

Striving to eliminate a major entry barrier and roadblock for Web3 developers, Steer Protocol supports over 20 programming languages, enabling developers to easily build Web3 products without the need for specialized knowledge, thus fostering accessibility and innovation within the ecosystem.

At its core, Steer Protocol is an off-chain computing platform designed for data processing. This enables developers to execute off-chain logic for on-chain execution, which ultimately reduces gas costs and boosts scalability.

About Steer Protocol

Steer Protocol is a decentralized computing protocol focused on addressing the challenges of infrastructure and data in building, securing, and deploying decentralized Web3 backends. Using Steer Protocol, developers can write cross-chain apps using various programming languages, connect to secured data sources, and execute on any blockchain using the provided infrastructure. This empowers developers to automate tasks such as liquidity management, loan payments, asset management, governance, cross-chain actions, trading strategies, oracles, and protocol operational tasks like reward distribution, airdrops, and more.

DeFi
Comments

All Comments

Recommended for you

  • Hong Kong's First Batch of Stablecoin Licenses to be Announced Today Afternoon

    On April 10, the Hong Kong Monetary Authority (HKMA) will announce the first batch of stablecoin licenses at 5 PM. Following this, licensed stablecoin issuers will meet with the media. Previously, the HKMA completed the final review of the first batch of applications in mid-March 2026 and is now in the official public announcement preparation stage. The HKMA received a total of 36 applications and plans to issue 2 to 3 licenses in this first batch, with strict regulatory standards. In early February this year, HKMA Chief Executive Eddie Yue stated that they aimed to issue the first stablecoin issuer licenses in Hong Kong in March, emphasizing that 'the number of licenses issued in the first batch will definitely be limited, with a focus on prudence.' (Daily Economic News)

  • DeepSeek Officially Introduces Features of DeepSeek V4

    On April 10, the DeepSeek official blog published an article introducing DeepSeek V4, the flagship model set to be launched by DeepSeek. This model not only breaks the limits of parameter scale but also promises unprecedented efficiency. DeepSeek V4 is expected to handle 1 trillion (1T) parameters, natively supports multimodal data including text, images, videos, and audio, and features a context window of 1 million tokens (equivalent to 15-20 complete novels), making it a direct competitor to Western giants like OpenAI's GPT-5.4 and Anthropic's Claude Opus 4.5. The API pricing for DeepSeek V4 is 10-50 times cheaper than that of GPT-5.4 and Claude Opus 4.5; it is anticipated that DeepSeek V4 will be open-sourced under the Apache 2.0 license. DeepSeek V4 can run locally on dual RTX 4090 or single RTX 5090 setups. Additionally, DeepSeek introduced three groundbreaking innovations for DeepSeek V4: 1. Engram memory; 2. Manifold-constrained hyperconnection (mHC); 3. Sparse attention mechanism (DSA) and Lightning indexer. Furthermore, the DeepSeek official statement noted that due to strict U.S. export restrictions on high-end NVIDIA GPUs (such as the B300 and H200), DeepSeek has optimized V4 to primarily rely on domestically produced chips in China for inference. While initial training may still have utilized NVIDIA hardware (like H800s), the model has been highly optimized for Huawei's Ascend 950PR and Cambricon MLU chips.

  • US Spot Ethereum ETF Sees Net Inflow of $106.16 Million

    On April 10, according to monitoring by Trader T, the US spot Ethereum ETF recorded a net inflow of $106.16 million yesterday.

  • US Spot Bitcoin ETF Sees Net Inflow of $304.9 Million Yesterday

    On April 10, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net inflow of $304.9 million yesterday.

  • ETH Falls Below $2200

    Market data shows that ETH has fallen below $2200, currently priced at $2199.32, with a 24-hour increase of 1.11%. The market is experiencing significant volatility, so please ensure proper risk management.

  • Hassett: Confident Waller Will Assume Fed Chair Position in May

    Hassett, the Director of the National Economic Council at the White House, expects that Powell will not remain as a Federal Reserve governor. He is confident that Waller will assume the position of Fed Chair in May.

  • Becerra: It's Time to Submit the CLARITY Act for President Trump's Signature

    On April 9, U.S. Treasury Secretary Becerra stated that Congress has spent nearly five years attempting to pass a framework to ensure the future development of the financial industry. Now is the time for Senate Banking Republicans to review and submit the CLARITY Act for President Trump's signature.

  • Binance Officially Launches Prediction Market

    On April 9, Binance announced the launch of its prediction market, a new feature that allows users to participate in probability-based markets through integration with third-party platforms from the Binance app. The Binance wallet will integrate market access provided by Predict.fun, a leading on-chain prediction market provider on the BNB Smart Chain (BSC). In the Binance App, go to the [Markets] tab. Click on the [Prediction] tab (available only in supported regions). Select a category to browse available markets offering real-time probability pricing.

  • Iranian Military Spokesman: 'Prepared for Long-term War'

    According to the Iranian Students' News Agency on the 9th, the Iranian military spokesman expressed hope for reaching an agreement in the ceasefire negotiations, but stated that if the talks fail, 'we are also prepared for a long-term war.' The conditions proposed by Iran will serve as the basis for the negotiations. (Xinhua News Agency)

  • US Spot Bitcoin ETF Sees Net Outflow of $124.25 Million Yesterday

    On April 9, according to monitoring by Trader T, the US spot Bitcoin ETF experienced a net outflow of $124.25 million yesterday.

Daily Must-Read

Popular Activities

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

RaveDAO at Terra Solis by Tomorrowland: A Female-Led Techno Night Where Web3 Culture Converges

April 30 - April 30
Dubai

Popular Tags

Cointime
News
Contents
RSS
Company