Solana based cross-chain exchange Saber raises $7.7M to expand team and tokens
Saber has raised $7.7 million in a seeding fund round, and is rated as the second platform on Solana in terms of total locked value (TVL) with $185.77 million. Solana-based cross-chain exchange Saber raised $7.7 million in a seed funding round. The platform launched last month and enables the cross-chain exchange of stablecoins and wrapped assets. Saber Labs, the development team behind Saber, announced the funding round on July 28.
The development team is currently a three-person unit and the firm will use the funds to hire around seven more staff members this year. It will also expand support to more assets on the exchange. The round was led by venture capital firm Race Capital, with participation from billionaire Chamath Palihapitiya's Social Capital, Jump Capital, Multicoin Capital and the Solana Foundation.
The seed round was also backed by angel investors such as FTX's Tristan Yver, OKcoin's Jason Lau, Stacks' Ryan Shea, Curve Finance's Julien Bouteloup, and Terraform Labs' Jeff Kuan.
Saber co-founder and CEO Dylan Macalinao noted on Twitter: “For DeFi to reach millions of users and trillions in value, we need a blockchain that can handle mass scale. Due to its low transaction costs and high performance, we believe Solana is that blockchain.”
The firm’s website claims that the platform offers “low slippage trading, even at large volumes.” Saber also offers liquidity based passive yield returns from transaction fees. According to data from DeFi Llama, Saber has the second highest total value locked (TVL) on Solana with $185.77 million. Automated market maker (AMM) Raydium is currently sitting at the top with $572.21 million in TVL at the time of writing.
Solana is aiming to be a much more scalable competitor to the Ethereum network and it has been gaining attention in 2021 with dozens of DeFi projects launching on the platform since March. Cointelegraph reported on June 9 that Solana Labs, the team behind Solana raised $314.14 million through a private token sale, which was led by top crypto venture firms Andreessen Horowitz and Polychain Capital.
At the time of the $314.14 million token sale, Anatoly Yakovenko, founder and CEO of Solana Labs said the aim was to onboard one billion users on the network: “The next phase is onboarding a billion users. Solana was built from the ground up to accommodate this scale.”
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 90.4% | 12 | $27 138.42 | 0.67% | 1.42% | $526 244 858 811 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 94.4% | 5 | $1 905.16 | 1.78% | 3.91% | $229 081 653 780 |  |
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| 3 |  USDT |
Tether predictions | 94% | 1 | $1.000098 | 0.01% | -0.03% | $83 257 842 516 |  |
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| 4 |  BNB |
Binance Coin predictions | 91.6% | 2 | $307.40 | 0.66% | 0.16% | $47 910 801 205 |  |
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| 5 |  USDC |
USD Coin predictions | 91.2% | 1 | $0.999845 | 0% | -0.03% | $28 941 949 857 |  |
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| 6 |  XRP |
XRP predictions | 76% | 40 | $0.523096 | 2.89% | 12.38% | $27 192 303 394 |  |
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| 7 |  ADA |
Cardano predictions | 91.6% | 7 | $0.377941 | 3.19% | 3.22% | $13 185 243 857 |  |
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| 8 |  STETH |
Lido stETH predictions | 90.8% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 9 |  DOGE |
Dogecoin predictions | 88.8% | 14 | $0.072236 | 0.21% | 1.81% | $10 084 312 379 |  |
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| 10 |  SOL |
Solana predictions | 84.4% | 27 | $21.22 | 2.15% | 9.04% | $8 419 052 407 |  |
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| 11 |  MATIC |
Polygon predictions | 80.8% | 31 | $0.894287 | -0.09% | -3.20% | $8 298 503 979 |  |
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| 12 |  WTRX |
Wrapped TRON predictions | 80.4% | 34 | $0.076440 | 1.73% | 0.15% | $7 772 125 964 |  |
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| 13 |  TRX |
TRON predictions | 83.6% | 33 | $0.076681 | 2.03% | 0.46% | $6 916 960 123 |  |
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| 14 |  LTC |
Litecoin predictions | 76.4% | 38 | $94.53 | -0.68% | 7.94% | $6 905 969 709 |  |
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| 15 |  DOT |
Polkadot predictions | 92.4% | 8 | $5.24 | -0.11% | -0.32% | $6 266 962 796 |  |
