Thursday, October 6, 2022
HomeDeFiMarginfi, Solana-based defi, raises $3 Million

Marginfi, Solana-based defi, raises $3 Million

According to a new statement issued on Wednesday, Mrgn Labs has raised $3 million from investors to help the company expand its defi margin trading capabilities. Mrgn Labs is the creator of the Marginfi defi margin protocol, which allows traders to access margin in a decentralised manner. Multicoin Capital and Pantera Capital lead the investment round, according to Mrgn Labs.

In addition, Solana Ventures and Sino Global Capital took part in the funding. Margin trading decentralised exchange systems like as marginswap.finance, which allows users to swap tokens with up to 5x leverage, currently exist. Total value locked (TVL) in Marginswap today is $4,604,514 across BSC (Binance Smart Chain), Ethereum, Avalanche, and Polygon, according to metrics.

On the other hand, Mrgn Labs intends to increase institutional interest in defi-based margin trading. Marginfi plans to provide “institutional-grade margining” to the defi ecosystem, according to the press release. Kyle Samani, managing partner at Multicoin Capital, feels that a fresh wave of next-generation protocols is on the way.

In addition to the institutional-grade margining goal, Marginfi says it aims to whitelist new institutions with the goal of moving $1 billion through the platform by the end of 2022. 

Mrgn Labs has stated that throughout the first quarter leading up to the project’s Devnet launch, it expects to launch a number of trader-focused projects.

 

Kunal Krishan
Kunal is an investment space writer who firmly believes investment is something which should not be a choice but a part of everyone's life.
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