In a significant development in the decentralized finance (DeFi) arena, Solido Money has successfully secured $800,000 in a strategic funding round aimed at bolstering its project on the Supra Layer-1 blockchain. The funding round was led by Supra and Cashaa, with notable contributions from HELLO Labs, Spartan Ventures, K10 Capital, and a roster of over ten prominent angel investors.
Amzad Raza Khan, CEO of Cashaa, highlighted the innovative nature of Solido’s offerings, stating, “Solido’s approach to modular DeFi unlocks the tools developers need to build smarter financial strategies.” This sentiment reflects a growing enthusiasm for Solido’s potential to drive a new era of programmable and automated financial systems.
The core of Solido’s initiative is a sophisticated composable DeFi stack customized for the Supra blockchain. This stack consists of three primary components: Flow, which addresses liquid staking; Cash, a stablecoin solution; and Grow, designed for tokenized yield. Together, these elements are poised to enhance liquidity, efficiency, and programmability in financial operations, positioning themselves as vital components of Supra’s on-chain financial infrastructure.
Sander Görtjes, CEO of HELLO Labs, expressed confidence in Solido’s direction, noting that it brings “cutting-edge solutions” and offers a unique value proposition in the realms of liquid staking and yield optimization. He added, “These are the kinds of projects we love to invest in and drive awareness of with HELLO’s media engine and capital markets access.”
Solido’s framework is closely aligned with Supra’s AutoFi, which automates protocol-native execution, capital deployment, and risk management. A noteworthy innovation from Solido is the introduction of a Move-native vault standard, akin to the ERC-4626 standard on Ethereum, which will facilitate modular yield strategies compatible with Supra’s AutoVault and AutoRisk systems.
Mr. Square, a core contributor at Solido, emphasized the company’s mission to “make yield programmable.” He described the Move-based environment as a platform for creating logic-first financial solutions where risk and return can adjust to real-time data and needs.
“The AutoFi system exemplifies precision capital coordination, and Solido’s vault standard enhances modularity and safety within DeFi like never before,” stated Joshua Tobkin, CEO of Supra.
The recently acquired capital is set to propel Solido’s product expansion, facilitate security audits, and deepen its integration with the Supra ecosystem. Furthermore, the funding will support community-driven developer engagement, positioning Solido as a key component of Supra’s AutoFi framework.
Solido is focused on constructing essential DeFi primitives for the Supra blockchain, promoting capital-efficient and composable financial solutions within its evolving AutoFi ecosystem. With its foundation built in the Move programming language, Solido aims to offer a seamless interface for users and developers to access, create, and expand advanced financial strategies on-chain.