HomeCoinsEthereum (ETH)Solana yield manager Texture raises $5 million, enters private beta

Solana yield manager Texture raises $5 million, enters private beta

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Solana yield manager Texture raises $5 million, enters private beta

DeFi yield platform Texture has raised $5 million in a round co-led by P2P Capital and Sino Global, and is now live in private beta testing.

Other investors in the round include Wintermute, Semantic Ventures and Jane Street Capital. The funds were raised in the stablecoin USDC and the valuation was not disclosed.

Texture is a DeFi platform running on the Solana blockchain. Its first product provides higher yields to those looking to stake their SOL tokens. It is using a leveraged staking strategy to achieve this, similar to tokens on Ethereum like the Interest Compounding ETH Index (icETH) and the ETH Max Yield Index (ETHMAXY). 

“We are excited to bring automated leveraged staking to Solana through a one-click solution. This is a fundamentally DeFi-native product that appeals to users who value higher real yield as much as transparent on-chain execution and risk management,” said Texture Co-founder Oleg Ravnushkin.

The platform intends to offer a yield of up to 15% for those looking to stake their SOL.

Texture uses a few platforms to make this happen. It uses Lido Finance for the core liquid staking element. It uses Solend, which was hacked for $1.26 million on Nov. 2, for lending and borrowing, plus Orca for compounding the rewards.

Texture will open to the public once an audit has been completed, which may happen by the end of the year.

© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.



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