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Solana-Based DeFi Protocol Synchrony Raises $4.2M for Composable Indices
The funding, led by by Sanctor Capital, Wintermute Trading and GBV Capital, will also go toward its marketing operations.
Synchrony, an on-chain asset management protocol built on the Solana blockchain, has raised $4.2 million in strategic funding to further the development of its decentralized finance (DeFi) configurable indices.
The funding, led by by Sanctor Capital, Wintermute Trading and GBV Capital, will also go toward its marketing operations as it attempts to position itself as a frontrunner for DeFi asset management interacting with Solana’s ecosystem.
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“Synchrony is hyper-focused on fostering an inclusive community where people can learn, build and collaborate together,” Synchrony Labs co-founder Andrew Fraser said in a statement on Thursday.
The budding protocol hopes to flesh out its platform where users will be able to create configurable indices composed of varying token sets, liquidity pools and other on-chain instruments. The aim, its developer’s say, will be to create “algorithmically optimized” and “automatically rebalancing pools or portfolios.”
Through a front-end marketplace, users will be able to access a suite of tools that leverage analytics and indices to define unique parameters for trade execution. Users will also be able to interact with Solana’s ecosystem from a single point.
“Detailed insights and analytics will bring tremendous value to the Solana ecosystem and its most active participants,” said Han Kao, founder of Sanctor Capital.
“By unlocking this trove of data, Synchrony will provide a more holistic view of Solana dapps and [decentralized exchanges], which ultimately increases transparency while introducing new value for traders.”
Read more: DeFi Insurance Protocol Solace Goes Live
Sebastian Sinclair
Sebastian Sinclair is the market and news reporter for CoinDesk operating in the South East Asia timezone. He has experience trading in the cryptocurrency markets, providing technical analysis and covering news developments affecting the movements on bitcoin and the industry as a whole. He currently holds no cryptocurrencies.
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