The DeFi protocol Shogun has completed a seed round of financing worth $6.9 million, with token valuation reaching $69 million

PANews reported on May 16th that, according to The Block, DeFi protocol Shogun's developer Intensity Labs has completed a $6.9 million seed round of financing. Polychain Capital and DAO5 led the investment, with participation from Arrington Capital, Arthur Hayes' family office Maelstrom and Build-a-Bera. In addition, angel investors such as Cobie, Ansem, Ser Shokunin and Meltem Demirors also participated in this round of financing. Co-founder Rahul Patel stated that this round of financing brought Shogun's fully diluted token valuation to $69 million. It is reported that Shogun was incubated by Binance Labs. In March of this year, Binance Labs invested in a total of seven startups including Shogun in its sixth incubation program.