On-chain liquidity distribution protocol Turtle has raised $5.5 million in new capital, bringing its total funding to $11.7 million. The project will use the new funding to expand its engineering team, develop its DeFi revenue-earning product infrastructure, and deepen integrations across multiple blockchain ecosystems, according to a press release shared with The Defiant.
The funding round saw participation from institutional investors including GSR, FalconX, Anchorage VC, as well as founders of Polygon, 1inch and Gnosis.
Turtle describes itself as an infrastructure hub that moves liquidity across decentralized finance, connecting capital providers and protocols through a “coordination layer” that links liquidity to earning opportunities, while tracking wallet and vault activity on-chain.
“Liquidity is the infrastructure that powers everything else. It has long been opaque, fragmented and expensive. We make liquidity programmable – transparent, efficient and coordinated – so that protocols can sustainably raise capital and providers of capital can deploy it with confidence,” Essi Lagevardi, Turtle’s CEO, said in the press release.
DeFi Earning Opportunities on Turtle. Source: Tortoise
The total value of Turtle (TVL) across all its revenue vaults has risen above $726 million, according to its website, although The Defiant could not independently verify the data. At the time of writing, the highest earning opportunity on Yearn AUSD’s platform comes on the Katana Network, which offers an APR of over 45% through a mix of KAT tokens and AUSD-based assets.
The company says more than 360,000 wallets are connected to the protocol, routing more than $5.5 billion in liquidity across the internet3.
In mid-April, Layer 1 blockchain TAC partnered with Turtle to generate $150 million in Ethereum-based liquidity for the TON blockchain. The goal was to attract decentralized applications to build on TAC, allowing Ethereum Virtual Machine (EVM)-based DApps to access the TON ecosystem.
Since its launch in 2024, Turtle has partnered with networks like Avalanche and Linea and introduced vaults that allow liquidity providers to earn passive rewards. The company says it has generated more than $6 million in revenue in the 18 months since launch.
