Port Finance, the Solana-based lending protocol with the vision of bringing a whole suite of interest rate products to DeFi users, has raised $5.3M in its latest strategic funding round.
The round is led by Alameda Research with participation from Spartan Group, Brevan Howard, and A41. Port Finance’s list of existing investors also includes Jump Capital, Solana Foundation, GSR, and Defi Alliance.
Port Finance was the first to launch a variable rate lending product on Solana’s mainnet in July 2021. The platform now supports 13 different assets from the Solana, Ethereum, Terra and Bitcoin network and previously reached a total value of over $300M in assets locked on the platform.
With the latest round of funding, Port Finance will extend its current product offering to fixed-rate lending and interest rate swaps. The latest Port Finance product, Sundial, came live last week and was the first to offer fixed-rate lending on the Solana blockchain starting with USDC. “We are excited to see Port Finance build a fixed-rate lending product leveraging the Serum orderbook”, says Alameda Research.
‘’Fixed-rate lending is a huge untapped opportunity in DeFi. In traditional finance, fixed-rate lending is 25 times that of variable rate lending. We expect to see fixed-rate lending grow exponentially in DeFi,’’ says GW, Co-Founder of Port Finance. “Institutional investors have expressed interest in borrowing USD against their token holdings at a fixed interest rate. Port Finance expects to work with them closely as the product matures.”
Port Finance has secured over 30 integrations and partnerships since its launch. It will continue to work with developers within the Solana ecosystem and support projects integrating with Port Finance via the newly set up Port Ecosystem Grant. Over the coming months, Port Finance will also be rolling out a governance module with a staking mechanism to further align token holders with the project.
About Port Finance
Port Finance is a decentralized Money Market protocol on Solana, aiming to provide a full suite of lending products including but not limited to variable-rate lending, fixed-rate lending and interest rate swaps. Port Finance’s team brings engineering experience from tech companies like Google, Facebook, and Microsoft, and previously contributed to Solana and Serum. The PORT token is currently traded on FTX, Ascendex, Gate.io, Serum, Raydium and Orca.
