Mrgn Labs, the New York-based core contributing team to Marginfi, a decentralized margin protocol for Solana DeFi, raised $3M in Seed funding.
The round was led by Multicoin Capital and Pantera Capital with participation from Sino Global Capital and Solana Ventures.
The company intends to use the funds to drive community and ecosystem development, launch the protocol into DevNet in Q1, and support institution and partner integrations.
Led by Edgar Pavlovsky, Founder, Mrgn Labs develops Marginfi, a decentralized portfolio margining protocol for trading on Solana. The protocol gives traders a unified account to access margin, compose a portfolio, and improve capital efficiency across underlying trading protocols.
With Marginfi, traders can manage a custom portfolio across different DeFi protocols through a single trader account. For example, Marginfi allows traders to combine a long perpetual position on Drift, with a short options position on Zeta, and a pari-mutuel position on Hxro Network. Traders can then manage these underlying positions through their Marginfi account, using a margining engine that both accounts for the separate positions’ weighting while also providing boosted yield on idle margin.
The team at Mrgn Labs also plans on launching several trader-focused initiatives at the intersection of curated retail and institutional traders in Q1 leading up to its DevNet launch.
FinSMEs
07/03/2022