Solana based cross-chain exchange Saber raises $7.7M to expand team and tokens
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....
Related News
A new crypto fund named Protagonist has been launched by Saber Labs which is a Solana-based cross-chain decentralized exchange. The crypto fund and incubation lab shall be helping foundational protocols of upcoming blockchain ecosystems by investing in them. The fund is worth $100 million. The founders of Protagonist are Dylan Macalino and Ian Macalino who […]
On September 17, 2021, Solana protocol fans were introduced to the launch of the Wormhole Network’s ethereum – solana bridge, which means assets between each chain can be intermingled. The launch announcement notes that Saber, the Solana-fueled protocol with more than $4 billion total-value locked (TVL), will support migration from Wormhole V1 to V2. Wormhole Launches Ethereum – Solana Bridge Solana has risen 5,504% in value during the last year and today, solana (SOL) is a top ten crypto-asset holding the seventh largest position in terms of market capitalization. At....
Ethereum's co-founder cites "fundamental security limits of bridges" as the key reason for his disapproval. In a Reddit post on Friday, Vitalik Buterin, the co-founder of Ethereum (ETH), outlined critical security concerns surrounding cross-chain bridges in the blockchain ecosystem. As told by Buterin, storing native assets directly-chain (Ethereum on Ethereum, Solana on Solana, etc.) provides a certain degree of immunity against 51% attacks. Even if hackers manage to censor or reverse transactions, they cannot propose blocks to take away one's crypto.The rule also applies to the Ethereum....
On Wednesday, the team behind Solana-based decentralized finance (defi) margin protocol Marginfi, announced Mrgn Labs has raised $3 million in seed funding from investors. With the recently acquired funds, Marginfi aims to build the first cross-margining engine on the Solana blockchain. Mrgn Labs Gets $3 Million in Funding From Strategic Investors Mrgn Labs has revealed the company has raised $3 million from investors in order to bolster defi margin trading, according to a press release announcement on Wednesday. Mrgn Labs is the team behind the defi margin protocol called Marginfi, a....
Although cross-chain bridges have proven useful so far, the time has come to look beyond these semi-archaic solutions. When suer funds are at stake, it is safe to say the approach may not be ideal. Portal puts an end to wrapped tokens and third-party custody through its multi-chain atomic swap-based approach. Cross-chain Bridges Fail To […]