Solana-based Synchrony Raises $4.2m, Set to Build Asset Management Protocol With Composable DeFi Indices

Solana-native asset management protocol Synchrony has closed $4.2 million in a strategic funding round, with investments led by Sanctor Capital, with participation from Wintermute Trading, GBV Capital, HashKey, Magnus Capital, and 0xVentures, among others.

“By unlocking this trove of data, Synchrony will provide a more holistic view of Solana dApps and DEX’s, which ultimately increases transparency while introducing new value for traders.” said Han Kao, founder of Sanctor Capital.

According to Synchrony, newly acquired strategic funding will help bolster its efforts at creating and developing its Solana-based asset management protocol, which features composable DeFi indices. The funds will also help its initiatives at marketing, in a bid to position its brand as the leading contender for DeFi asset management directly integrated with the Solana ecosystem.

“Synchrony is hyper-focused on fostering an inclusive community where people can learn, build and collaborate together,” Synchrony Labs co-founder Andrew Fraser shares.

Synchrony’s DeFi asset management protocol will enable users to replicate trading strategies and copy those strategies for themselves, creating a more active and engaged community on Solana’s network, Synchrony’s protocol allows users to apply granular adjustments for trading parameters, leveraging its in-depth analytics for strategic trade execution across the range of assets it will support.

“By making it simple for users at all levels to afford control over strategy implementation, Synchrony introduces a more dynamic way to interact with the decentralized stack built on Solana.” shares Wintermute Trading founder and CEO Evgeny Gaevoy.

Synchrony’s on-chain copy trading and asset management platform can also automate trading strategy replication with the use of composable token indices, all built specifically for the Solana ecosystem. The protocol’s services currently range from copy trading to data analytics, and is set to introduce more features as it rolls out in the coming months.

The protocol's indices currently run with the Solana Ecosystem Index (SEI), Raydium Liquidity Pool Index (RAI), the Stable Coin Index (STX),and the Synchrony Composite Index. Solana, its native blockchain protocol, currently has over $12.4 billion in total value locked (TVL).

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.