Steer Protocol is a decentralized computing protocol with focus on addressing challenges of decentralized infrastructure in data building, security and deployment of decentralized web3 backends. With the help of Steer Protocol, developers can build cross-chain applications using several programming tools and languages – over 20 – to facilitate secure connection of data sources while executing on any blockchain utilizing the provided infrastructure. With this new infrastructure, developers are empowered to automate tasks such as computing and liquidity management that involve other numerous operations like load payment, cross-chain trading transactions, oracles, asset management, trading strategies, and governance among others. The firm’s solutions are also set to address challenges related to protocol operations like airdrops and reward distributions among others. The protocol can unlock infinite possibilities by facilitating the seamless interaction of smart contracts with real-world data all while utilizing offline compute power and capabilities.
Consequently, Steer Protocol has raised $1.5 million in a seed fundraising round that was led by Druid Ventures and garnering participation from other investors like Big Brain Holdings and Republic Capital. The event also saw other notable Venture Capitals and angels participate. The recent fund drive is aimed at expediting the continuous development and soon to come deployment of Steer Protocol’s suite of innovative features and services. These features will result insignificant benefits for web3 projects across the board. The platform was co-founded by Derek Barrera and Deepak Gupta. Mr. Barrera, who also doubles as the platform’s CEO, has expressed his excitement in having the support of investors as it gives them a safety-net so that they can focus on delivering their mission for developers and users alike.
As the protocol approaches its imminent launch, the initial focus is expected to address liquidity management challenges experienced by concentrated liquidity products. Bringing a strong resolve to these products will enable efficient allocation of capital that will result in improved returns and reduced slippage for traders while giving liquidity protocols the ability to create incentivized vaults for their tokens and bootstrapping liquidity to achieve more efficient markets. Apart from benefiting users, the protocol has a scheme that awards developers a 5% performance fee on their strategies therefore fostering development of high-performance and high-quality market-making strategies that will offer new revenue streams for projects and developers.
Testing solutions will also be sufficiently addressed with a comprehensive backtesting suite of features being rolled out to enable developers to build and sufficiently test their solutions in an optimized manner before deploying them to live markets. This strategy will mitigate risks in the market while at the same time enhancing performance. Owing to the fact that the platform utilizes an off-chain computing protocol at its core, the ability to execute off-chain logic on on-chain execution will definitely reduce gas costs and enhance scalability. Deepak Gupta, who doubles as the platform’s COO, has revealed plans to launch more use cases in the future. The future use cases are geared towards simplifying DeFi by easing the development of web3 backends.
