Delta One, one on one Solana based decentralized financial Protocol (DeFi) for generating income, raised $9.1 million in a seed round to expand its ecosystem.
The round was led by Alameda Research and Ship Capital, it said in a Press Release protocol. Delta One also attracted investments from Solana Ventures, Raj Gokal (the co-founder of Solana), investment firm Electric Capital and early-stage venture fund AlleyCorp.
Other participants included Alfred Chuang and Chris McCann, the co-founders of Race Capital.
Delta One keeps an eye on the growth of the ecosystem
According to Delta One, the funding round is intended to help the team with the core development of the protocol. The platform also foresees further growth of the ecosystem, with a focus on the integration of projects aimed at Delta One’s product offering.
The team will also try to expand its user-friendly structured products. It aims to make its automated yield farming strategy “delta neutral” available to over 100,000 participants on a waiting list that dates back to October 2021.
The delta-neutral return generation strategy enables a high risk-adjusted return, practically without active management on the part of the user. The strategy saves users the supposed hours that would be required to “crunch numbers and track positions”.
„Delta-neutral farming is a technique that many hedge funds like to use, but it may require you to spend hours every day crunching numbers and tracking positions if done manually by retail investors will,” said DJ Sengh, co-founder of Delta One.
It is a protocol offering that Delta One hopes can be the basis for further expansion of the DeFi ecosystem.
„We believe that democratizing these strategies through structured products will be a crucial part of integrating the first billion users into DeFi will,” Sengh added.
As part of its expansion, Delta One aims to cooperate with other projects in ventures related to credit markets and reserve currencies. The platform also seeks partnerships with teams that can help it build sustainable liquidity.
Delta One was launched in 2021 as part of the Solana Ignition Hackathon and has grown immensely in the past six months. It is now among the most anticipated projects in the Solana ecosystem.