Saber Labs, which is developing a cross-chain stablecoin exchange, just snagged a $7.7 million seed round to develop on the Solana Network in a highly "scalable" way, the COO of Solana Labs told Crypto Investor.
There’s some real investing weight behind the round.
Chamath Palihapitya’s Social Capital led the round, with participation from Jump Capital, Multicoin Capital and the Solana Foundation. Palihapitya is, of course, the current chairman of Virgin Galactic and an early Facebook senior executive.
Saber Labs also got participation from crypto unicorn FTX, OKcoin, Curve and others.
Saber is currently the fourth largest application on the Solana network, with more than $100 million in liquidity since its beta launch last month. Saber utilizes Solana to provide users with an efficient solution for trading stablecoins across blockchains, which can be a costly and timely affair.
“DeFi’s adoption is ultimately limited by the scalability of the most popular blockchains, which have become slower and more expensive during periods of heavy use,” said Dylan Macalinao, Co-Founder and CEO of Saber Labs.
Macalino was, of course, referring to Ethereum, the current king of DeFi. It has been frequently hampered by a sluggish network and high gas fees. Improvements are coming with the network’s switch to a proof-of-stake consensys system, but faster, more efficient networks like Solana have been eating into its bandwidth while the world waits.
Solana utilizes what's called a "proof-of-history" system. According to founder Anatoly Yakovenko, on Solana each validator maintains its own internal clock using SHA-256, a sequential-hashing verifiable delay function.
The result is near frictionless, fast transactions. The Solana network's speed has attracted millions of accounts from various Dapps to its network.
“All that is happening, and the network is performing as advertised, continuing to be fast and cheap and scalable,” Solana Labs COO Raj Gokal told Crypto Investor in an interview. “What people are realizing as they use these applications is that it’s live, it's performant, it's cheap, it's scalable, and it's ready today.”
Saber Labs, which is developing a cross-chain stablecoin exchange, just snagged a $7.7 million seed round to develop on the Solana Network in a highly "scalable" way, the COO of Solana Labs told Crypto Investor. Subscribe for full article
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