Key takeaways
- Texture raised $5 million to build yield management tools.
- Its funding round had famed venture capitals like Wintermute.
Texture, a Solana-based DeFi platform, has, in a recent fundraising round, raised $5 million to accelerate product development.
Thrilled to have the support of @P2Pvalidator, @SinoGlobalCap, @wintermute_t, @SemanticVC, @JaneStreetGroup, and 15+ amazing angels backing @Texture_fi on our building journey to make DeFi yield easy and accessible to everyone! https://t.co/V5pbBe5ZiT
— Texture (@texture_fi) November 4, 2022
The protocol, which provides a yield maximization solution to DeFi investors, hopes to channel this fund into its product development.
Texture Eyes Big Development for DeFi Investors
Though still under development, Texture plans to initiate several yield-generation and structuring solutions for DeFi investors. The plan also includes several strategy pools segmented by risk and yield types alongside their respective optimization features.
The maiden strategy is scheduled to be Texture’s “SOL Power Yield Strategy” pool. This pool will utilize an algorithmic leveraged staking strategy to help investors earn more from their SOL (Solana) stakings.
Significantly, the protocol uses a leveraged staking strategy to allow users to generate earnings on their SOL staking while enjoying minimal liquidation risk. Texture employs an automated strategy that integrates Lido for Liquid staking and Solend’s main pool for depositing stSOL. It also uses Solend to borrow SOL and Orca for swapping matured rewards to automate profit maximization.
With an automated strategy, Texture’s smart contracts minimize liquidation risks by monitoring and rebalancing the pool’s LTV. This is done through the use of its algorithmic risk management tool.
Wintermute, others lead funding round
Facilitating this funding round are P2P Capital and Sino Global, alongside Wintermute, Semantic Ventures, and Jane Street Capital, among others.
Speaking on the development, P2P founder Konstantin Lomashuk expressed his company’s excitement to support the Texture team. He noted that its collaboration aims to provide “better yield products to the Solana community.” According to him, he looks forward to more partnerships in the future.
P2P is excited to support Texture team on a quest to provide better yield products to Solana community, we are looking forward to potential collaborations in future? https://t.co/oYvdRAQQM7
— Konstantin Lomashuk (@Lomashuk) November 4, 2022
Sino Global Capital’s Vice President of Investment, Thomas Tang, also expressed delight at their participation in the funding. He mentioned that their backing of Texture is on the premise of the platform’s development of algorithmic strategies optimizing earnings for investors across different protocols. “We’re excited for their first product – leveraged SOL staking with algorithmic risk management and rebalancing,” he added.
Commenting on the funding, Texture co-founder Oleg Ravnushkin disclosed his company’s excitement to receive backing from investors.
“With this round, Texture is now well-funded and has runway to build and scale over the next couple of years. Next stop – beta launch at Breakpoint 2022 and full launch soon after!”
