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). 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.
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