The DEFI platform Hedge raised $3.7 million and will start offering interest-free loans as it attracted more investors that see a bright future for the Solana blockchain so let’s read more in today’s latest blockchain news.
The DEFI platform Hedge is built on the Solana blockchain and raised $3.7 million in a seed funding round led by Race Capital, Solana Ventures, Pantera Capital, and Shima Capital while also Civic CEO Vinny Lingham and SolBigbRain are among the angel investors. A hedge is a DEFI platform that enables fast and interest-free loans in Hedge’s stablecoin USH on Solana and it will allow users to borrow up to 90% of the loan-to-value ratio which means borrowers will have to deposit 10% of the total value desired in order to get a loan. The platform also has staking pools and discounted swap pools.
Hedge’s beta version is also live on the devnet. The seed funding will go towards hiring costs for the new staff and finalizing its DEFI product for Solana mainnet launch in the next few months. On the website, the company is hiring for plenty of other roles like posting a DeFi Degen who has diamond hands and knowledge of the DEFI space. DEFI refers to blockchain-based protocols which allow people to swap assets, lend or borrow the tokens and perform other transactions without an intermediary. Hedge CEO and co-founder Sebastian Grubb shared a statement that only 20% of Solana coins are now locked into DEFI where they can serve as collateral or liquidity:
“With Hedge we’re really trying to upgrade the whole Solana ecosystem. We want to help users unlock more liquidity and better leverage their assets without having to exit their positions.”
Race Capital’s Edith Yeung is still bullish on Solana and the potential to grow a DEFI ecosystem:
“Hedge is offering the Solana community a way to tap into immediate liquidity while still ‘HODLing’ the underlying asset.”
While Solana already has a number of DEXs, the blockchain’s total value locked is about 5.8% of the rival ETH’s massive DEFI ecosystem.
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