OG Solana projects Hxro Network and PsyFi are teaming up to foster the creation of open-source tooling critical to bringing Solana DeFi up to par with its EVM counterparts.
Fueled by a grant from the Hxro Foundation, the collaboration will focus on developing a suite of turnkey tools that will improve the market for price discovery and token launches within the Solana ecosystem.
“PsyFi and Hxro are both experienced projects deeply invested in the success of Solana. We will combine our unique strengths to build the kind of advanced, open-sourced DeFi tooling necessary to expand the opportunity set for the Solana DeFi marketplace,” said Dan Gunsberg, co-founder of Hxro, adding:
“What Balancer has done for EVM chains, this collaboration will do for Solana. It’s critical infrastructure like this that is vital to bootstrapping sustainable DeFi token market liquidity.”
Initially, the collaboration will focus on the creation of advanced tooling designed to better facilitate fair launch auctions for token projects, automated vault management, and a suite of alternative token reward mechanisms. Historically, this type of tooling has not been an area of focus for the Solana ecosystem. While multiple projects within Solana have established great foundational protocols, additional elements are needed to create a more robust environment that fosters widespread participation.
PsyFi co-founder Tommy Johnson said: “PsyFi was founded on the belief that the kinds of sophisticated defi investment tools once reserved for a small subset of users should be available to everyone, everywhere. With the help of Hxro and the power of Solana, we are working to make that happen.”
PsyFi co-founder Taylor Johnson added: “The tools we plan to build will help give the DeFi ecosystem in Solana – the developers’ ecosystem – the edge it needs to achieve its full potential.”
PsyFi’s suite of best-in-class financial tools and products let users tailor investment strategies to their particular risk/reward appetites. Its wide range of automated trading strategies, meanwhile, eliminates the hassle of managing positions while optimizing yields for investors. PsyFi is open source, accessible, community-owned and dedicated to building a decentralized finance organization that will stand the test of time – one that supports users throughout their investment journeys.
Find out more here: https://www.psyfi.io/
About Hxro Network
Hxro Network is a distributed liquidity layer designed to power the next wave of derivatives trading and betting apps on Solana. Through a series of core protocols, Hxro also provides the foundational infrastructure to user-facing applications for exchange, risk, margin, and settlement functions needed to construct any derivatives or gaming applications.