Port Finance, the Solana-based lending protocol with the imaginative and prescient of bringing a complete suite of rate of interest merchandise to DeFi customers, has raised $5.3M in its newest strategic funding spherical.
The spherical is led by Alameda Analysis with participation from Spartan Group, Brevan Howard, and A41. Port Finance’s record of present traders additionally consists of Soar Capital, Solana Basis, GSR, and Defi Alliance.
Port Finance was the primary to launch a variable fee lending product on Solana’s mainnet in July 2021. The platform now helps 13 totally different belongings from the Solana, Ethereum, Terra and Bitcoin community and beforehand reached a complete worth of over $300M in belongings locked on the platform.
With the newest spherical of funding, Port Finance will lengthen its present product providing to fixed-rate lending and rate of interest swaps. The most recent Port Finance product, Sundial, got here stay final week and was the primary to supply fixed-rate lending on the Solana blockchain beginning with USDC. “We’re excited to see Port Finance construct a fixed-rate lending product leveraging the Serum orderbook”, says Alameda Analysis.
‘’Fastened-rate lending is a big untapped alternative in DeFi. In conventional finance, fixed-rate lending is 25 instances that of variable fee lending. We anticipate to see fixed-rate lending develop exponentially in DeFi,’’ says GW, Co-Founding father of Port Finance. “Institutional traders have expressed curiosity in borrowing USD towards their token holdings at a set rate of interest. Port Finance expects to work with them intently because the product matures.”
Port Finance has secured over 30 integrations and partnerships since its launch. It is going to proceed to work with builders throughout the Solana ecosystem and help tasks integrating with Port Finance through the newly arrange Port Ecosystem Grant. Over the approaching months, Port Finance can even be rolling out a governance module with a staking mechanism to additional align token holders with the mission.
About Port Finance
Port Finance is a decentralized Cash Market protocol on Solana, aiming to supply a full suite of lending merchandise together with however not restricted to variable-rate lending, fixed-rate lending and rate of interest swaps. Port Finance’s crew brings engineering expertise from tech firms like Google, Fb, and Microsoft, and beforehand contributed to Solana and Serum. The PORT token is at present traded on FTX, Ascendex, Gate.io, Serum, Raydium and Orca.