MarginFi platform has raised $3 million in seed funding towards streamlining margin trading in DeFi among projects in the Solana ecosystem.
The funding round was co-led by Pantera Capital and Multicoin Capital. Other investors who took part include Solana Ventures and Sino Global Capital.
The funds are aimed at turning the protocol into a development network and backing institutions and partners.
The Solana-based protocol seeks to make it seamless for margin traders to manage open positions in multiple DeFi networks through a single dashboard.
The DevNet is expected to be unveiled before the end of the first quarter for the cross-chain offering. MarginFi aims to reach $1 billion in trading volumes by the end of 2022.
Mrgn Labs’ Head of Growth, MacBrennan Peet, says that the trading approach upgrades the risk framework with the underlying trading networks.