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Texture, a DeFi yield platform, is now live in private beta testing after raising $5 million in a round-headed by P2P Capital and Sino Global. Wintermute, Semantic Ventures, and Jane Street Capital also participated in this round of funding. The stablecoin USDC was used to raise the money, and the valuation was not made public.
Texture operates on the Solana blockchain and is a DeFi platform. Higher returns for staking SOL tokens are provided by its initial product. To do this, it employs a leveraged staking method, much like Ethereum tokens such as icETH (Interest Compounding ETH Index) and ETH Max Yield (ETH Max) (ETHMAXY).
Texture Co-founder Oleg Ravnushkin stated:
“We are excited to bring automated leveraged staking to Solana through a one-click solution. This is a fundamentally DeFi-native product that appeals to users who value higher real yield as much as transparent on-chain execution and risk management.”
When using the platform to stake SOL, users may expect a return of up to 15%. Texture utilizes multiple platforms to do this. The fundamental liquid staking mechanism is powered by Lido Finance. Orca is used to double the benefits while Solend, which was hacked for $1.26 million on November 2, is used for lending and borrowing. After an audit is concluded, which might happen by the end of the year, Texture will open to the public.