Fun

Solana-Based Defi Margin Trading Protocol Raises $3 Million in Seed Funding

News Feed - 2022-02-24 06:02:47

Solana-Based Defi Margin Trading Protocol Raises $3 Million in Seed Funding


On Wednesday, the team behind Solana-based decentralized finance (defi) margin protocol Marginfi, announced Mrgn Labs has raised $3 million in seed funding from investors. With the recently acquired funds, Marginfi aims to build the first cross-margining engine on the Solana blockchain. Mrgn Labs Gets $3 Million in Funding From Strategic Investors


Mrgn Labs has revealed the company has raised $3 million from investors in order to bolster defi margin trading, according to a press release announcement on Wednesday. Mrgn Labs is the team behind the defi margin protocol called Marginfi, a protocol that allows traders to access margin in a decentralized fashion. Mrgn Labs disclosed that the funding round was co-led by Multicoin Capital and Pantera Capital. Furthermore, Solana Ventures and Sino Global Capital participated in the fundraising as well.


“In 2021, we saw an explosion of innovative financial products emerge across defi,” Edgar Pavlovsky, the founder of Mrgn Labs explained during the announcement. “The problem is the trading experience is now extremely fragmented across different protocols, which destroys capital efficiency and prevents traders from combining their positions into one unified account. In 2022, we can finally break down these silos and make the entire ecosystem more composable,” Pavlovsky added.


A few defi based margin trading decentralized exchange platforms already exist like marginswap.finance, which allows people to swap tokens with up to 5x leverage. Metrics show the total value locked (TVL) in Marginswap today is $4,604,514 across BSC (Binance Smart Chain), Ethereum, Avalanche, and Polygon.


Mrgn Labs, on the other hand, wants to bolster institutional interest in defi-based margin trading. The press announcement notes that Marginfi is looking to bring “institutional-grade margining” to the defi ecosystem. The managing partner at Multicoin Capital Kyle Samani believes a new wave of next-generation protocols is coming.


“The most important theme of 2022 is composability. The next generation of defi projects will leverage critical composable primitives like Marginfi to deliver experiences that have never been possible before,” Samani explained in a press statement. “Marginfi is building the first defi-native prime broker, and it’s only possible because it’s being built on Solana,” the Multicoin Capital executive noted.


In addition to the institutional-grade margining goal, the company says it has plans to whitelist new institutions with the goal of $1 billion moving through Marginfi by the end of 2022. Mrgn Labs further explained that it plans to initiate a variety of trader-focused initiatives during the first quarter leading up to the project’s Devnet launch. Tags in this story $3 million, decentralized finance, DeFi, Defi Apps, Defi Leverage, Defi Margin Trading, Defi protocols, Devnet launch, Edgar Pavlovsky, Finance, institutional-grade margining, Kyle Samani, leverage, Margin Defi, Marginfi, Mrgn Labs, Mrgn Labs Founder, Multicoin Capital, Seed Funding, seed round, Solana, Solana (SOL), Solana blockchain


What do you think about Mrgn Labs raising $3 million from investors? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Crypto Settlement Startup Zebec Gets $15 Million to Craft Programmable Cash Stream Payments FINANCE | 12 hours ago Bulgarian Stock Exchange Launches 8 Crypto ETNs FINANCE | 4 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMiners Have Moved 30% of Their Equipment Out of Kazakhstan, Industry Organization Claims Next articleOVR Co-Founder Diego Di Tommaso Talks AR, Map2earn, Polygon Migration, Cross Metaverse Assets and Fashion Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItMcDonald’s Trademark Filings Hint at Fast Food Giant"s Intent to Produce Metaverse Restaurants


Following a slew of well known brands filing trademarks for metaverse related products and virtual goods, the American fast food firm founded in 1940, McDonald’s, has filed for ten trademark applications that describe plans to offer virtual restaurants and other ... read more.Topps Plans to Auction Rare 1952 Mickey Mantle NFT Card Minted on Ethereum Fintech Specialists Predict Ethereum Price Hitting $6,500 This Year Before Rising to $26,338 by 2030 Fitch Ratings Downgrades El Salvador Deeper Into Junk Status Citing Bitcoin Risks City of Miami Gets $5.25M Disbursement From Miamicoin as MIA Flounders 88% Lower Than Price High

News Feed

Former Google CEO Eric Schmidt Starts Investing in Cryptocurrency — Finds Web3 Economics ‘Interesting’
Former Google CEO Eric Schmidt Starts Investing in Cryptocurrency — Finds Web3 Economics "Interesting" Eric Schmidt, a former Google CEO whose net worth is $22.8 billion, reveals
Prashant Jha12 hours agoUS bank reveals $166M in crypto holdings: Q2 earnings reportSoFi started offering crypto services even before becoming a bank, and its banking license might change how it hodls crypto.3492 Total v
Phoenix and Wasabi exit US market amid self-custody wallet crackdown
Ciaran Lyons8 hours agoPhoenix and Wasabi exit US market amid self-custody wallet crackdownRecent regulatory action against Consensys and Samourai has instilled fear among other crypto service providers operating in the
Element․Black Forms Strategic Partnership With DJ Snake
Element․Black Forms Strategic Partnership With DJ Snake press release PRESS RELEASE. Social-fi has been the trend of the blockchain industry as of late. The concept, closely linke
Derek Andersen2 hours agoSouth Korean central bank charts out future course of payment systems, CBDCThe BOK 2022 Payment and Settlement Systems Report is a forward-looking document with ambitious plans for financial tech
Poly Network Hacked for More Than $600 Million — Hacker Trolls Project Saying ‘It Could Have Been a Billion’
Poly Network Hacked for More Than $600 Million — Hacker Trolls Project Saying "It Could Have Been a Billion" On August 10, the decentralized finance (defi) pro
Daniele Servadei7 hours agoBinance caves to pressure over coin listings, scoring a win for privacyThose of us in Italy and surrounding countries will be allowed to continue trading Zcash, Monero and other coins that Bina
Elon Musk’s Tesla Faces Scrutiny Over Potential Conflict of Interest in $1.5 Billion Bitcoin Purchase
Elon Musk"s Tesla Faces Scrutiny Over Potential Conflict of Interest in $1.5 Billion Bitcoin Purchase Tesla is facing more scrutiny over its $1.5 billion dollar
Crypto Community Responds to Tornado Cash Sanctions, Privacy Advocates Say ‘There Are Many Legitimate Reasons to Seek Financial Anonymity’
Crypto Community Responds to Tornado Cash Sanctions, Privacy Advocates Say "There Are Many Legitimate Reasons to Seek Financial Anonymity" The U.S. government banning the ethereum
Solana Mobile ‘Chapter 2’ airdrops briefly exceed cost of pre-order
Tom Mitchelhill3 hours agoSolana Mobile ‘Chapter 2’ airdrops briefly exceed cost of pre-orderAirdrops from two cat-themed memecoins may have paid off the entire pre-order value of the Solana ‘Chapter 2’ mobile de
Report: Central African Republic Postpones Sango Coin Listing
Report: Central African Republic Postpones Sango Coin Listing The Central African Republic’s plan to list the sango coin in the last quarter of 2022 has been put on hold, whi
Ray Salmond7 hours agoBitcoin’s bull move might not be over yet — Here are 3 reasons whyBitcoin options market positioning and BTC’s daily chart suggest another bull move could be in the making.3152 Total views7 To