Siphon Lab, a Sui ecological DeFi startup, announced the completion of a US$1.2 million seed round of financing, led by Kima Ventures, with participation from Waveline Capital, BT Growth Capital, Uno Ventures, Quidnet Ventures, Mava Ventures, and a group of angel investors in the Web3 and Web2 fields , the new funds will be used to scale up its business, build people and accelerate growth.

It is reported that Siphon Lab is currently building the "Siphon Universe" on the Sui network. Its products include liquid staking agreements such as Tradeify and Liquidify, aiming to maximize the capital efficiency of SUI in the entire ecosystem.