Port Finance Raises 5.3M Strategic Series A Round
Avast Ye!
Port Finance has been growing steadily, conquering X-mark after X-mark on our maps.
The Port is thrilled to announce that we now have onboard, Alameda Research as a lead investor, along with investments from Spartan Capital, Brevan Howard, a41 and a number of angel investors, in our Strategic Series A round. We strongly believe that this will cement further development of Port Finance to realize its objective of becoming an integral part of Solana’s liquidity layer.
Quarterly Recap
As we inch toward the final plank of 2021, we would like to do a quick recap on the Port’s notable accomplishments.
- Launched Fixed Rate Lending Products, Sundial
- Launched Port Finance Variable Rate Lending Products
- Record of over 300M of assets in Total Value Locked (TVL)
- 30+ Integrations and Partnerships across the Solana ecosystem
- Support for over 10+ keystone assets, including mSOL, PAI, UST, Wormhole wrapped assets and LP tokens
- Launch of Port Finance’s Ecosystem Fund
- Release of Developer Tool Kits to support Solana developers
- Listed on FTX, Ascendex, Gate.io, DexLab, Aldrin, Serum, Raydium and Orca
What’s Next?
Extending Fixed Rate Lending Products
Our goal at Port Finance has always been to bring a suite of interest rate products to Solana. We have launched our March 2022 USDC fixed-rate lending for our users. Port Finance’s next phase of development will be focused on extending our Fixed-Rate Lending Products to support more assets and also enabling fixed-rate borrowing against collateral. Our article here, charts out the market opportunity and our implementation infrastructure for Fixed Rate Lending Products on Port Finance. This article provides a good guide on how to use our current fixed rate lending protocols.
Ecosystem Integrations
Composability is core to Decentralized Finance and we bring that to Port Finance with our full suite of developer tool kits. The launch of Port Finance Ecosystem Fund aims to incentivize developers to integrate with the Port via grants. We invite all developer teams looking to integrate with Port Finance to submit grant applications at hello@port.finance or reach us through our Discord Channel. A full list of developer resources can be found here.
Governance
As the Port Finance protocol matures, we aim to establish a formalized DAO. As depicted in our genesis roadmap, the PORT token will serve as a core to align a shared vision across all stakeholders in the Port Ecosystem. We aim to lay out the initial foundation of governance mechanisms to kickstart governance initiatives, community participation, incentive structures and more, progressively moving towards our goal of full decentralization.
Concluding Thoughts
Port Finance’s Strategic Series A fundraise forges key partnerships for the protocol and provides it the resources to invest in building bigger, better, and more secure money market products for our users. The Port team is full of energy and we are excited for what’s to come. We would like to extend our appreciation to our valued community and partners, we wish all a jolly Christmas.
About Port Finance
Port Finance is a decentralized Money Market protocol on Solana, aiming to provide a full suite of lending products including but not limited to: variable rate lending, fixed rate lending and interest rate swaps. Port Finance’s team brings engineering experience from tech companies like Google, Facebook, and Microsoft, and previous contributions to Solana and Serum. Learn more about us here.
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