Marginfi protocol is attracting huge investment to its project because of its much better initiative to solve some significant limitations of Defi exchanges.
At present, Solana is the only protocol that can provide low fees based fast and efficient transactions with a very high scalability. However in the present time majority of the crypto projects are working on their ways to bring high Scalability in their network but in actual reality, Solana is creating a very big competition, where no one project is near. So the majority of the experts believe that Solana may contribute to the Defi industry at a better level.
Marginfi protocol is a Defi protocol on Solana blockchain Network. The main aim of this protocol is to solve some major limitations of Defi to make it more useful just like centralized exchanges margin trading in the Defi network.
According to the reports, Protocol is getting better traction among the investor’s companies. A press release revealed that Multicoin Capital and Pantera Capital co-led the $3 million round in the Marginfi protocol which also saw participation from Sino Global Capital and Solana Ventures.
The funding will be used by the developers of the Marginfi protocol in the development and launch of the development network (DevNet). It will support institution integration and also partner integration.
Edgar Pavlovsky, the founder of Mrgn Labs, stated that they saw a huge huge inflow of the attention of institutional interest in Defi-based financial services last year. He also explained that they saw that there were many negative points in the existing Defi platforms.
Further, he added:
“The problem is the trading experience is now extremely fragmented across different protocols which destroys capital efficiency and prevents traders from combining their positions into one unified account.”
Developers in this project will introduce their unique concept of a cross-margining engine to allow the traders to interact with multiple derivatives positions, under the inbuilt programming application.
Read also: Cardano founder says crypto-assets are a haven: war situations
Solana backed Protocol secured $3M: Bridge Defi Margin Trading
https://bitcoinik.com/solana-backed-protocol-secured-3m-bridge-defi-margin-trading/feed/
https://bitcoinik.com/solana-backed-protocol-secured-3m-bridge-defi-margin-trading/feed/
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