Pye Finance Raises $5 Million to Build Solana-Based Staking Market
Pye Finance’s seed round, led by Variant and Coinbase Ventures, will fund an on-chain marketplace for tokenized, tradable time-locked SOL staking positions to enhance flexibility and liquidity.
Pye Finance secured $5 million in seed funding led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent, and Gemini, to develop an on-chain marketplace for time-locked staking positions on Solana. Targeting over 414 million staked SOL worth approximately $75 billion, the platform will allow validators to set lockup and reward terms and tokenize locked positions into principal and rewards tokens. This enables stakers to trade future rewards or integrate positions into DeFi strategies while keeping them staked. Founded by Erik Ashdown and Alberto Cevallos, Pye plans to launch a private beta in Q1 2026 following a closed alpha earlier this year.
- Time-locked staking: A process where cryptocurrency is locked for a fixed period to earn rewards, preventing withdrawal until the term ends.
- On-chain market: A marketplace that operates entirely on a blockchain, enabling transparent and automated transactions.
- Solana: A high-performance blockchain designed for fast transactions and low fees, often used for decentralized applications.