Hong Kong — RateX, the leading yield-trading protocol on Solana, has secured a total of $10.4 million across three funding rounds, capped by a newly completed $7 million strategic raise backed by Animoca Ventures, ECHO, GSR, Crypto.com Capital, Gate, Rzong Capital, BGX Capital, Summer Capital, and others. (Cover: Sean Hu, Founder of RateX)
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The announcement reflects the rapid rise of structured yield markets on Solana and RateX’s position at the center of that shift.
A New Architecture for Yield and Leverage on Solana
RateX has emerged as one of Solana’s most advanced yield-layer protocols, allowing users to access high-leverage, liquidation-free farming, fixed-income markets, and programmable yield products through principal-and-yield splitting.
Its defining early innovation: margin YT trading — a design that gives traders and institutions the most capital-efficient way to express views on yield. RateX’s system has effectively become a blueprint for the next generation of structured yield instruments on-chain.
With the launch of RateX V2, codenamed Mooncake, the protocol is introducing its most important primitive yet: Leverage Tokenization.
Mooncake transforms leveraged positions into fully tradable, permissionless tokens, removing dependency on lending markets and eliminating liquidation risk. The result is a new class of Solana-native financial assets:
USD-denominated funding yield tokens
Liquidation-free leveraged tokens
On-chain, programmatic leverage markets
Composability across any Solana DeFi protocol
By turning leverage into a tokenized building block, RateX pushes structured finance into a fully programmable layer—something traditional markets cannot offer.
In June, the first U.S. public company with a Solana-focused treasury strategy, DeFi Development Corp., integrated its adopted LST, dfdvSOL, into RateX.
The move gives the company’s liquid staking asset direct access to RateX’s margin-based yield markets—an early signal of how Mooncake’s leverage-as-an-asset model can reshape capital efficiency for institutional players.
The Roadmap: A Universal Structured Finance Layer
RateX’s long-term ambition is clear: to become the on-chain equivalent of a global structured finance desk—powering fixed income, leveraged products, and institutional-grade yield instruments across Solana and beyond.
“Sincere thanks to our investor base for supporting this vision to build the foundational layer for all structured finance on-chain. With Mooncake, we’re unlocking a new era of scalable, permissionless yield and leverage markets built natively for Solana.”
Sean Hu, Founder of RateX
RateX operates across multiple chains, offering yield tokenization, principal-and-yield splitting, fixed-yield products, and integrated liquidity farming—forming a unified platform for traders, yield seekers, and institutions alike.