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BFD Expert Voices - Private Credit

BFD Expert Voices

Chaos Labs, which provides on-chain risk management tools for DeFi protocols and exchanges, has raised a $55 million Series A led by Haun Ventures.

Why it matters: Big bets on crypto are coming back — for startups that have real market traction and revenues.

How it works: The company offers monitoring and observability capabilities that give customers real-time analytics and alerts them during elevated times of stress on their protocols.

Once a threshold is triggered, the platform can replicate blockchain environments, run Monte Carlo simulations, and create an optimized parameter configuration for the current market conditions.

From there, those recommendations can be put on-chain via risk oracles that make those risk parameters dynamic rather than static.

Between the lines: Before risk oracles emerged, there was typically a 72- to 96-hour lead time between when a system could identify necessary protocol changes and when those changes were propagated on-chain, Chaos Labs CEO Omer Goldberg says.

"Crypto is one of the most volatile and riskiest asset classes in the world, but ... today all of the applications that are built on-chain are static in nature," he says.

To compensate for that, most risk managers would overprice liquidity risk, resulting in higher fees for users.

"Today, executing a trade on most DEXs is more expensive than doing it on its centralized counterpart. That's because the DEXs are not updating in response to real-time market conditions," Goldberg adds.

By implementing risk oracles, decentralized protocols and exchanges can improve their security and risk posture, increase capital efficiency and lower costs.

State of play: The company has secured clients like Aave, GMX and Jupiter and has tripled its customer base over the past year.

To date, it has secured $860 billion in cumulative trading volume, $25 billion in loans, and $35 million in incentives distributed by customers.

Flashback: Chaos Labs was founded during the so-called "DeFi summer" of 2020, yet counterintuitively, it benefited from the crypto winter following the collapse of centralized exchanges and lenders like FTX and Genesis.

"A lot of liquidity on-chain dried up ... [but] the largest protocols were still building and still working. In this low-liquidity environment, where volatility was heightened, financial risk management became even more important," Goldberg says.

Fun fact: This is the first venture investment led by Haun Ventures general partner Diogo Mónica, who joined the firm in March.

Zoom in: Other investors in the round include F-Prime Capital, Slow Ventures, Spartan Capital, Lightspeed Venture Partners, Galaxy Ventures, Wintermute Ventures, PayPal Ventures, General Catalyst, Bessemer Venture Partners and Coinbase Ventures.

It also attracted investment from strategic angels like OpenAI CPO Kevin Weil, Fireblocks CEO Michael Shaulov, Solana CEO Anatoly Yakovenko, Phantom CTO Francesco Agosti and Talos CEO Anton Katz.

Haun Ventures leads $55M Chaos Labs Series A

Big bets on crypto are coming back — for select startups.

Illustration of a crystal ball with a pixelated coin inside. 

Fintech

Illustration of a pair of binoculars viewing falling 8-bit coins

Chaos Labs, which provides on-chain risk management tools for DeFi protocols and exchanges, has raised a $55 million Series A led by Haun Ventures.Why it matters: Big bets on crypto are coming back — for startups that have real market traction and revenues.

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Haun Ventures leads $55M Chaos Labs Series A

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