Home News Solana-based Synchrony protocol raised $4.2M

Solana-based Synchrony protocol raised $4.2M

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Solana-based Synchrony on-chain asset management protocol raised $4.2 million in a strategic funding round.

Sanctor Capital, Wintermute Trading, and GBV Capital led the round, which will also go into marketing as the company tries to establish itself as a leader in decentralized finance (DeFi) asset management that interacts with Solana’s ecosystem. In addition, HashKey, Magnus Capital, 0xVentures and other investors participated in the round

The Simple Agreement for Future Tokens (SAFT) model was used to raise funds. Hong Kong-based startup Synchrony plans to expand its development team and increase marketing spending.

“Algorithmically optimized” platform

Synchrony Labs co-founder Andrew Fraser said in a statement on Thursday; that the company is “hyper-focused on fostering an inclusive community where people can learn, build and collaborate together.”

The project is developing an “algorithmically optimized” platform for copy trading and creating customized custom indexes from various sets of tokens, automatically rebalanced liquidity pools and portfolios, as well as other on-chain tools.

Sanctor Capital founder Han Kao also added that detailed insights and analytics will provide great value to the Solana ecosystem and its most engaged members.

The Grape Network

Previously, the Grape Network based on Solana raised $1.2 million. The project develops tools for creating a decentralized autonomous organization (DAO). Multicoin Capital with the participation of SkyVision Capital, Definitive Capital, LongHash Ventures, Double Peak Group and Solana Capital led the round.

Earlier, the company raised $600K through an initial DEX offering (IDO) on the Raydium platform. Tokensale caused the Solana blockchain to stop for about 17 hours. The network could not withstand the overload due to the influx of a large number of participating bots. The project also attracted seed funding through the sale of tokens; said Dean Pappas, a key contributor of the Grape Network.

“The demand for our toolbox has exceeded all expectations, and we need to double the size of the team to meet it and continue to develop in accordance with our roadmap,” Pappas said.

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