Solana yield manager Texture raises $5 million, enters private beta
DeFi yield platform Texture has been declared as a private beta. The achievement was earned by raising 5 million dollars through the platform. To achieve the title, Wintermute, Semantic Ventures, and Jane Street Capital participated in the series along with DeFi yield platform. The finances used for the competition were escalated using platforms like stablecoin USDC and the value was not revealed.
The texture is a blockchain-type Defi platform. The Solana blockchain powers this platform. The initial product offering is returned to SOL token holders. It engages a leveraged staking approach that is analogous to tokens on Ethereum including the Interest Compounding ETH Index (icETH) and the ETH Max Yield Index skill (ETHMAXY).
“We are excited to bring automated leveraged staking to Solana through a one-click solution. This is a fundamentally Defi-native product that appeals to users who value higher real yield as much as transparent on-chain execution and risk management,” said Texture Co-founder Oleg Ravnushkin.
The site is determined to return a maximum of 15% of the investment to the individuals who want to stake their SOL. Texture has many developed platforms to support this aim. Lido Finance is one of the core mediums that is utilized to sustain the fundamental staking aspect of the platform. Solen is another medium used the Texture. It is used for lending and borrowing and was hacked for 1.26 million dollars on November 2. Ocra too is used by the Texture and the medium helps to double the benefits. It is exclusive to be used for compounding incentives. Texture, now, is all set to be accessed by the masses and ready for the public. The accessibility is attached to an audit competition which is expected to get concluded by the end of the year.