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Alpaca Finance launched in early 2021 as a leveraged yield farming platform on BNB Chain. With no venture capital backing and no pre-mine, it quickly captured the attention of DeFi users seeking amplified yield in a fast-growing ecosystem.
The raise consists of $1.5 billion in newly issued common stock and $1 billion in convertible senior secured notes. The transaction is expected to close on May 29, with crypto custody to be handled by Crypto.com and Anchorage Digital.
Aptos now becomes one of several chains where USDC is minted natively, sitting alongside larger ecosystems such as Ethereum and Solana. Native issuance means the stablecoin is created directly on the network’s ledger, rather than bridged from another chain, removing a layer of smart-contract risk for users.
The release signals a move away from chasing mass-market gamers, instead leaning into the crypto-native subculture of users who trade meme coins, mint NFTs, and live onchain.
“As projects evolve and mature, it is natural for visions to evolve, and sometimes diverge. With this in mind, I can no longer contribute to Polygon to the best of my abilities,” he wrote. “That said, I remain confident that Polygon leadership is committed to the success of the project. I’ll always be cheering from the sidelines, and supporting however and whenever I can.”
