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 | 75.2% | 40 | $61 168.42 | 1.56% | -7.74% | $1 208 863 783 447 |  |
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|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 77.6% | 44 | $2 363.94 | 1.94% | -11.89% | $284 555 397 399 |  |
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| 3 |  USDT |
Tether predictions | 96% | 1 | $0.999717 | -0.02% | -0.07% | $119 608 189 522 |  |
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| 4 |  BNB |
Binance Coin predictions | 76.4% | 51 | $548.16 | 1.78% | -10.22% | $79 994 624 748 |  |
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| 5 |  SOL |
Solana predictions | 74% | 54 | $139.68 | 3.46% | -12.80% | $65 438 871 809 |  |
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| 6 |  USDC |
USD Coin predictions | 96% | 1 | $0.999890 | -0.02% | -0.01% | $35 552 716 137 |  |
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| 7 |  XRP |
XRP predictions | 77.6% | 39 | $0.519599 | 0.32% | -12.41% | $29 390 622 034 |  |
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| 8 |  DOGE |
Dogecoin predictions | 80% | 39 | $0.107282 | 4.49% | -15.66% | $15 687 645 053 |  |
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| 9 |  TRX |
TRON predictions | 92.8% | 1 | $0.157265 | 1.83% | 1.38% | $13 617 488 900 |  |
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| 10 |  TON |
Toncoin predictions | 76% | 49 | $5.34 | 1.91% | -11.37% | $13 522 991 190 |  |
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| 11 |  ADA |
Cardano predictions | 78% | 42 | $0.350367 | 3.93% | -14.09% | $12 247 575 562 |  |
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| 12 |  AVAX |
Avalanche predictions | 64.4% | 68 | $25.59 | 6.27% | -16.70% | $10 400 143 923 |  |
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| 13 |  STETH |
Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
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| 14 |  WTRX |
Wrapped TRON predictions | 93.2% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
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| 15 |  SHIB |
SHIBA INU predictions | 58.8% | 94 | $0.000017 | 9.27% | -19.43% | $10 127 293 790 |  |
