HONG KONG — Solana’s leading yield trading protocol, RateX, has secured a total of $10.4 million in three funding rounds, capped by a newly completed $7 million strategic raise backed by Animoca Ventures, ECHO, GSR, Crypto.com Capital, Gate, Rzong Capital, BGX Capital, Summer Capital and others. (Cover: Sean Hu, Founder of RateX)
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This announcement reflects the rapid rise of Solana’s structured yield market and RateX’s position at the center of that transformation.
Solana’s new architecture for yield and leverage
RateX emerges as one of Solana’s most advanced yield layer protocols, giving users access to high leverage, liquidation-free agriculture, bond markets, and programmable yield products through principal and yield splits.
An early innovation was characterized by margin YT trading. It is designed to provide traders and financial institutions with the most capital efficient way to express their views on yield. RateX’s system has effectively become the blueprint for the next generation of on-chain structured yield products.
The release of RateX V2, codenamed Mooncake, introduces the most important primitive to date to the protocol: leveraged tokenization.
Mooncake converts leveraged positions into fully tradable permissionless tokens, eliminating dependence on lending markets and eliminating liquidation risk. The result is a new class of Solana-native financial assets.
Funding yield token denominated in USD
Leveraged tokens that do not require liquidation
On-chain programmatic leverage market
Configurability across all Solana DeFi protocols
RateX pushes structured finance into a fully programmable layer by turning leverage into a tokenized component. This is something that traditional markets cannot offer.
In June, DeFi Development Corp., the first US public company with a Solana-focused financial strategy, integrated its adopted LST, dfdvSOL, into RateX.
This move will give the company’s liquidity staking assets direct access to RateX’s margin-based yield market. This is an early sign of how Mooncake’s leverage-as-asset model can reshape capital efficiency for institutional investors.
Roadmap: A universal structured finance layer
RateX’s long-term goals are clear. Our goal is to become the on-chain equivalent of a global structured finance desk, powering fixed income, leveraged products, and institutional yield products both inside and outside Solana.
“We are extremely grateful to our investor base for supporting this vision of building the foundational layer for all structured finance on-chain. With Mooncake, we are ushering in a new era of scalable, permissionless yield and leverage markets built natively for Solana.”
Sean Hu, Founder of RateX
RateX operates across multiple chains, offering yield tokenization, principal and yield splitting, fixed yield products, and integrated liquidity farming, forming an integrated platform for traders, yield seekers, institutions, and more.
