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Solana-based Delta One raises $9.1M for its earnings product

 


Delta One, a Solana-based decentralized finance (DeFi) protocol for generating income, has raised $9.1 million in a seed round to expand its ecosystem.


The round was led by Alameda Research and Ship Capital, the minutes said in a press release. Delta One also attracted investment from Solana Ventures, Raj Gokal (Solana's co-founder), investment firm Electric Capital, and early-stage venture fund AlleyCorp.


Other attendees included Alfred Chuang and Chris McCann, co-founders of Race Capital.


Delta One keeps an eye on the growth of the ecosystem

According to Delta One, the funding round is intended to help the team with the core development of the protocol. The platform also envisions further growth of the ecosystem, with a focus on integrating projects targeting Delta One's product offering.


The team will also look to expand its user-friendly structured products. It aims to make its delta neutral automated yield farming strategy available to over 100,000 participants on a waitlist dating back to October 2021.


The delta-neutral return generation strategy enables a high risk-adjusted return with virtually no active management on the part of the user. The strategy saves users the supposed hours it would take to "crunch numbers and track positions."


" Delta-neutral farming is a technique that many hedge funds love to use, but it can require you to spend hours each day crunching numbers and tracking positions when done manually by retail investors ," said DJ Sengh, co-founder of Delta One.


It is a protocol offering that Delta One hopes can be the basis for further expansion of the DeFi ecosystem.


“ We believe democratizing these strategies through structured products will be a crucial part of bringing the first billion users into DeFi ,” Sengh added.


As part of its expansion, Delta One seeks to collaborate with other projects on ventures related to credit markets and reserve currencies. The platform is also looking to partner with teams that can help it build sustainable liquidity.


Delta One was launched in 2021 as part of the Solana Ignition Hackathon and has grown immensely over the past six months. It is now among the most anticipated projects in the Solana ecosystem.

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