Gajesh Naik, an Indian teenager, made headlines earlier this year when he created Gaj Finance, a multichain decentralized finance (defi) protocol that currently manages $1.2 million in crypto of user funds.
Taksh, a 13-year-old high school student, has now raised $300,000 in pre-seed funding for his latest DeFi project. The protocol, which is based on Avalanche, aims to maximize yields by “compounding rewards and farming.”
Ravindra Kumar, founder of cross-blockchain platform Frontier, and other unnamed investors led the funding round. In an interview with Beincrypto.com, Naik stated that he intends to hold a public sale to raise additional funds.
However, “considering its liquidity and audit requirements, the project (Taksh) has enough funds to run for 12 months,” Naik, who works from his parent’s home in Goa on India’s western coast, explained.
Taksh employs cross-chain integrations, yield multipliers, and inclusive mechanics. It will essentially “auto compound rewards” for users, assisting them to “maximize their yields and savings,” according to the company.
a teen prodigy
Both of Naik’s parents are civil servants in India, so he comes from a non-technological family. However, he began coding at the age of seven and has become proficient in a number of programming languages, including Solidity, the language used to create Ethereum-based smart contracts.
As the company’s founder and chief architect, the adolescent founded Gaj Finance (formerly Polygaj) in April of this year. Gaj Finance is a DeFi yield aggregator, which means that investors receive a reward for their cryptocurrency holdings through a process known as yield farming. It is also a platform for non-fungible tokens (NFTs) that runs on the Polygon blockchain.
Gaj Finance currently manages approximately $1.2 million in total value locked (TVL) – that is, the amount of cryptocurrency it manages. Naik also has a nearly 15,000-subscriber YouTube channel where he teaches people about cryptocurrencies, coding, and machine learning.
It’s a dangerous business.
Decentralized finance has arguably become a haven for hackers, with reports of attacks and rug pulling becoming all too common. Millions of dollars have been lost by investors as a result of this practice. So, does Naik, a 13-year-old boy, understand the magnitude of the risks associated with DeFi, both for him as a coder and for those who use his product?
“We engaged with leading audit firms for smart contract audits and followed all best practices and implemented learnings from all previous projects that had unfortunate incidents,” he claims.
“We are currently in the process of engaging more security experts outside of audit firms to enhance this aspect of the project further, as we take security very seriously,” the adolescent added. Taksh, according to Naik, is working with Solidity Finance as auditors.
Taksh intends to hire more developers and, in collaboration with Gaj Finance, expand the project’s product offering in the coming quarter. He also stated that the decision to build on Avalanche, a new blockchain, rather than Ethereum was motivated by cost.
“The platform can run dApps (decentralized applications) at a fraction of the cost,” he stated emphatically.
“We intend to commit some portion of the profits to treasury as a grant,” Naik said in the future. Those interested in developing on Taksh will be invited to submit an application. Those applications will first be reviewed by a committee of crypto veterans before being put to a vote by the community.”