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.
Source: Blockworks