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.”
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||56.4%||92||$20 277.35||-2.12%||-0.29%||$386 889 430 746|
|2||ETH||Ethereum predictions||57.6%||90||$1 145.31||-3.04%||4.85%||$138 969 035 870|
|3||USDT||Tether predictions||92.4%||1||$0.998764||-0.01%||-0.03%||$66 742 331 401|
|4||USDC||USD Coin predictions||90.8%||1||$1.000530||0.03%||0.05%||$55 832 163 481|
|5||BNB||Binance Coin predictions||56.8%||89||$224.81||-4.04%||4.38%||$36 706 159 546|
|6||BUSD||Binance USD predictions||94.8%||1||$1.000787||0.10%||0.21%||$17 397 351 213|
|7||XRP||XRP predictions||63.2%||80||$0.335982||-2.23%||4.31%||$16 242 394 323|
|8||ADA||Cardano predictions||66%||75||$0.471136||-2.23%||1.44%||$15 987 555 258|
|9||SOL||Solana predictions||67.6%||66||$35.51||-5.44%||2.11%||$12 172 607 058|
|10||DOGE||Dogecoin predictions||62.8%||80||$0.066802||-4.36%||6.01%||$8 862 682 263|
|11||DOT||Polkadot predictions||63.2%||78||$7.30||-3.42%||-2.45%||$7 213 387 817|
|12||DAI||Dai predictions||94.4%||1||$1.000157||0.01%||0.09%||$6 718 514 631|
|13||TRX||TRON predictions||58.4%||91||$0.065880||0.37%||2.62%||$6 093 590 634|
|14||SHIB||SHIBA INU predictions||66.4%||74||$0.000010||-7.02%||4.64%||$5 528 798 046|
|15||LEO||UNUS SED LEO predictions||71.6%||50||$5.75||-1.33%||-2.42%||$5 482 403 972|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2022 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.