CORRECTION (April 19, 15:02 UTC): An earlier version of this story incorrectly stated that Delta One offers crypto options trading.
Solana-based decentralized finance (DeFi) protocol Delta One has raised a $9.1 million seed round led by Alameda Research and DeFi developer collective Ship Capital. Funding will go towards core development of the protocol and expansion of the ecosystem.
The Delta One Protocol offers users an automated, low-risk way to generate returns by using a “delta-neutral” trading strategy that reduces volatility.
“You have this market neutral exposure so you can ‘set and forget’ your position. You don’t have to worry about ‘Oh, the price keeps changing’. It doesn’t really reflect the price too much,” Paul Sengh, co-founder of Delta One, said in an interview with CoinDesk.
Other participants in the funding round included Solana Ventures, Solana co-founder Raj Gokal, investment firms Electric Capital and AlleyCorp, and Race Capital co-founders Chris McCann and Alfred Chuang.
Delta One was founded by Paul and DJ Sengh in October 2021 during the Solana Ignition Hackathon.
“Delta-neutral farming is a technique that many hedge funds love to use, but it can require them to spend hours each day crunching numbers and tracking positions when done manually by retail investors,” DJ Sengh said in the press release. “We believe democratizing these strategies through structured products will be a crucial part of onboarding the next billion DeFi users.”
Delta One is working to expand its ecosystem by partnering with projects that could build on the protocol’s vaults, including teams creating new credit markets, reserve currencies and novel option strategies.
Delta One is considering creating a stablecoin to help buyers earn sustainable returns in the vaults without having to enter the site. The stablecoin would be integrated with Solana Pay, Paul Sengh said.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.