DeFi on Solana: Solrise raises $3.4M for non-custodial asset management
Solrise Finance, a decentralized finance (DeFi) protocol for the Solana network, has successfully concluded a $3.4-million raise for its non-custodial asset management platform, offering further evidence that the venture capital world continues to seek broad exposure to the digital asset market.
The capital raise will go toward making DeFi more accessible to a wider class of investors, Solrise announced Tuesday. Specifically, Solrise will provide investors with more streamlined access to “cross-section assets”, including synthetic, Solana native and off-chain assets.
The launch of a new protocol in Solana with the support of crypto funds is another signal of the growth and development of the DeFi ecosystem outside the usual leader of the DeFi industry in the form of the Ethereum blockchain. Solrise is an analogue of the Enzyme Finance protocol in the Ethereum network.
Terra and Harmony announce DeFi partnership focused on UST stablecoin integration
Terra, an algorithmic stablecoin platform for savings, investments and payments, is joining forces with the Harmony blockchain to pursue new DeFi initiatives focused on programmable money and other so-called financial primitives.
Under the new partnership, which is described as a “deep integration” initiative, Terra will integrate Harmony on its Shuttle Bridge platform, a web front-end that allows users to send Terra’s UST stablecoin across supported blockchains.
Scaling of many stablecoins into actively developing blockchains contributes to a more efficient distribution of capital, as well as attracting new liquidity both in the protocol(stablecoin) and in the integrated blockchain(actually Harmony).
BarnBridge unveils application to maintain portfolio weightings of ERC-20 tokens
Decentralized finance protocol BarnBridge has introduced an application that allows users to automate position management between Ethereum-based assets.
On Monday, BarnBridge announced its second application dubbed “SMART Exposure”. The application enables users to passively maintain a particular weighting between the assets in a specific ERC-20 token pair through automatic rebalancing.
BarnBridge, officially launched in September 2020, is a derivatives protocol focused on structured stablecoin lending products. The new BarnBridge update is another step towards the development of more complex financial products in DeFi. The protocol offers several options for interaction for its clients, which can be read in more detail here.