Sheesha Finance, a decentralized financial fund from the United Arab Emirates, raised $ 9.44 million over two weeks of token sales, highlighting the growing demand from investors for DeFi apps.

The token sale, known as the Liquidity Creation Event, or LGE, did not include special sales bonuses and early installments, which only allowed investing 0.0001 Ether (ETH). In total, LGE shareholders provided 3,171.31 ETH for $ 6.35 million and 7,769.43 ETH for $ 3.08 million.

Investors who have contributed to LGE can claim their own liquidity provider tokens in exchange for the original SHEESHA token. SHEESHA holders are entitled to receive a reward for each block mined.

Said Khareb Al Darmaki, founder of Sheesha Finance, attributed the “strong support” of the DeFi community to the company’s initial success:

“With strong support from the DeFi community, strategic advisors and partners on board, we are able to provide access to highly respected projects in the DeFi space by offering the best APY options to our members in our ecosystem.”
Shisha’s advisory board includes David Namdar, co-founder of Galaxy Digital. Stakehound CEO Albert Castellana; And Michael Terpen from Transform Group, among others.

Shisha is trying to make DeFi more accessible to ordinary investors by creating “convertible assets” that can be used to explore both new and existing businesses in the field. Decentralized finance remains one of the most important sectors in the blockchain industry. According to the latest industry data, DeFi protocols have seized about $ 108 billion in assets.

Source: CoinTelegraph