Cryptocurrency incubator Obex completes $37 million financing

The Sky community (formerly MakerDAO) has voted to approve the provision of up to $2.5 billion in USDS stablecoins to the crypto incubator Obex for investing in successfully incubated on-chain yield projects.

Meanwhile, Framework Ventures, LayerZero, and the Sky ecosystem jointly led a $37 million funding round for Obex. Obex will offer a 12-week incubation program focused on supporting projects that develop new sources of on-chain yield, particularly those within the Sky ecosystem. These projects are similar to the sub-DAOs that make up the Sky ecosystem, aimed at "providing attractive risk-adjusted returns for the Sky ecosystem."