Avant, a crypto yield protocol developer similar to Ethena Labs, said it has raised $6.5 million in a seed funding round.

The round saw participation from Superlayer, Avalaunch, GoGoPool, Daybreak Digital and Linda Kreitzman. While these names are not widely recognized, Avant founder Rhett Shipp told The Block that the startup focused on its existing network of contacts and angel investors rather than targeting high-profile crypto venture capitalists.

"Our team has been operating in DeFi for many years, and we prioritized speed and diversification of investments over high-profiles," said Shipp, who is also the founder of DeFi protocol Gravita.