|All Time High:|
|Market Cap: |
|The price of #MFI today is $0.033 USD.|
The lowest MFI price for this period was $0, the highest was $0.033, and the current live price for one MFI coin is $0.03332.
The all-time high MFI coin price was $3.85.
Use our custom price calculator to see the hypothetical price of MFI with market cap of SOL or other crypto coins.
|The code for Marginswap crypto currency is #MFI. |
Marginswap is 1.6 years old.
|The current market capitalization for Marginswap is $234,975.|
Marginswap is ranking upwards to #1664, by market cap (and other factors).
|The trading volume is modest during the past 24 hours for #MFI.|
Today's 24-hour trading volume across all exchanges for Marginswap is $41,575.
|The circulating supply of MFI is 7,052,148 coins, which is 71% of the maximum coin supply.|
Note the limited supply of Marginswap coins which adds to rarity of this cryptocurrency and increases perceived market value.
|Note that there are multiple coins that share the code #MFI, and you can view them on our MFI disambiguation page.|
Marginswap $300k Lending and Trading Incentive on Avalanche
Marginswap has been experiencing increased demand for lending from traders on the platform. With less than 500.000 in TVL on Avalanche, assets like PNG and USDT.e have experienced interest rate swing of up to 260%. In order to turbocharge the next stage of growth on Avalanche, Marginswap will be distributing a total of 200.000 MFI, currently valued at $330.000 to lenders and margin traders. — Reward for Lenders. — Lenders for the token PNG, AVAX, USDT, and WETH will accrue MFI rewards, payable when a withdrawal of any amount of lending for the particular token is made. — Lending Incentives is scheduled to begin at 15:00 UTC on the 28th of Aug.. — — Reward for Traders. — Traders pay a total of 0.4% for trades made on the margin side of the platform. 0.3% to AMM liquidity providers and 0.1% to Marginswap. Traders will be able to claim up to a total of 110% on the 0.1% fee paid to Marginswap. The total fees paid by traders will be calculated 2x a month, after which the MFI reward can be claimed. — PS:. — Our lending contract has been switched to support the distribution of MFI to lenders! So please migrate to the new platform. Read more hereAbout Marginswap Marginswap is a decentralized trading protocol that natively supports spot and cross margin swapping of assets on AMMs like Uniswap, SushiSwap, and Pangolin. Using Marginswap, you can trade a wide variety of tokens, much ...
Polygon Support, Staking, and More
We want to use this medium to share an updated roadmap that leads us up to the point of on-chain Governance.From now to Governance — Polygon Support and Incentivising lending. — We are looking forward to supporting Polygon, an EVM compatible chain with a lot of liquidity on the chain’s Sushiswap and native exchange Quickswap. Combined, both DEXes command a total of over $2 Billion worth of liquidity. Marginswap will be live on Polygon on the 9th of June with margin trading support for $ETH $WBTC $DAI $USDC $MATIC $USDT $WBTC $LINK $AAVE About a week after deployment on Polygon, $MFI incentives will be activated for lenders of crypto assets. — Staking and v1.0 on Ethereum. — We are finally at the point where we can safely move the platform from the Beta to v1.0! So, the 23rd of June will mark v1.0 and the beginning of staking for $MFI holders. Since our Certik audit and Code423n4 competitive audit, the Marginswap protocol has undergone rigorous testing and usage by beta users and we successfully pushed fixes for issues reported by users. — What’s next…. — After v1.0 is live, BSC support and on-chain governance will be the priority. More info will be released in the future. Have fun using Marginswap! Website https://marginswap.finance Twitter: https://twitter.com/marginswap Discord http://discord.gg/TC64NSpnPq Telegram http://t.me/marginswap Polygon Support, Staking, and More was o...
Borrow from Marginswap and add Liquidity on Pangolin
Marginswap is a decentralized trading platform that currently supportsBorrowingLendingMargin trading The Avalanche and Pangolin community can now farm even more $PNG simply by borrowing assets (undercollateralized loans) from Marginswap and then supplying liquidity on Pangolin. Marginswap currently supports AVAX, PNG, ETH, USDT, and WBTC. So before taking a loan to add liquidity and farm $PNG, it is essential to check which pools on Pangolin have the highest APY (click here). At the point of writing, the APY on AVAX-PNG is one of the highest at 110% and by using Snowball for auto-compounding, you can get this rate as high as 200%. Borrowing on Marginswap Borrowing an asset on Marginswap is easy. Click on “Margin Account” on the application, deposit the crypto asset you would like to use as collateral, click on borrow and then withdraw the borrowed assets from your margin account.Deposit, borrow, and withdraw When deciding how much to borrow, there are two vital pieces of information to take into account that is the “Interest Rate (APR)” and “Margin Risk Level.” Please note that marginswap only lets you withdraw up to 66% of your collateral.Borrowing crypto assets on marginswap In the example above we deposited 1 eth (2770$), borrowed 300 $PNG + 30 $WAVAX. — What next?. — After withdrawing the tokens borrowed on marginswap, all that is left to do is heading over to Pangolin to add liquidity and stak...
Permissionless Isolate Margin
Margin trading is commonly offered in one of two different flavors: isolated or cross margin. Marginswap launched with a cross margin system, which means that the health of a margin trader’s portfolio is calculated jointly, such that gains in one asset can balance out potential losses in another. This approach can save users time, sometimes gas, and headache around rebalancing their portfolio. — What Isolated margin means for Marginswap. — Marginswap is a decentralized exchange much like Uniswap, so we believe that users should be able to choose between a more tightly integrated system for lower-risk assets and an open playing field for trading and lending a wider variety of crypto assets for short and long trades. Users should be able to choose between saving gas on rebalancing by going cross margin vs. saving gas on every individual swap by using isolated pairs with cheaper liquidity checks and higher leverage. Also, with isolated margin, we can open up the system to a much wider range of tokens because lenders decide to take on the risk and the reward of one specific token pair; this interestingly insulates the community as a whole from any of the risks that are associated with cross margin. — How cross margin works. — Tokens are selected based on liquidity on Uniswap and SushiswapLenders supply bonds denominated in any of these tokens using the bond lending pageTraders deposit funds in any of t...
Marginswap Welcomes John Jordan as Frontend and Web3 Development Lead
The Marginswap dev team is pleased to announce the hiring of John Jordan as the protocol’s UI and Web3 Development Lead. Marginswap, an advanced on-chain spot and margin trading protocol for crypto assets, allows traders to trade a wide variety of assets with up to 5x leverage. The new addition to the team John Jordan is a Web3 engineer with a wealth of experience in technical leadership positions. John led the development of a donation app for Mastercard and you can check out the app here. He has also worked at Origin Protocol, leading the development of a calendar-based scheduling system that powered various fractional usage listing types for the blockchain-based marketplace. Prior to Joining Marginswap, John has worked with Disney Streaming Services for four years. During this tenure, he has proposed, prototyped, and worked on a patent for a system that used machine learning and a neural network to identify and track animated characters in a video stream, providing an interactive UI overlay for the video player. We believe John will make a fantastic, lodestar addition to our team. His clear-eyed honesty and depth of knowledge in making user experiences that delight is just what we need as we embark on building the Marginswap permissionless isolated margin trading protocol. Website https://marginswap.finance Twitter: https://twitter.com/marginswap Discord http://discord.gg/TC64NSpnPq Telegram http://t.me/marginswap
The Journey to Beta Land
Hi, this is Gabe, your Marginswap tech lead! Checking in about the roll-out of our beta: You may have noticed we are currently behind relative to our announced timeline. I’m sorry that we were off in our estimation, and we’re all working hard to make it right. In the lead-up to our launch, I focused heavily on the smart contract side of things — building a full feature set and putting it through our two audits, with some (upcoming) extras thrown in the mix (isolated margin, overcollateralized loans…). While focusing on the contracts, I managed the UI development with a light touch. Mid last week, after our second audit, we finally came to focus entirely on our user interface, which you’ll hopefully soon be delighted to use! It turns out we weren’t as far as I thought, and I really should have been on top of things! I sprang into action once I realized that we were behind. Ever since I took full charge of the UI process, we have been working a lot… I recently had a 25-hour workday! Nevertheless, our announced dates have slipped by, and we still have a number of user experience issues to fix. It just takes however long it takes to write the software. So here comes my ask: We do need to sleep at night, so if you like, please bear with us until the end of next week while we work on the UI. We have our contracts deployed, and you can inspect them on etherscan. We have funds sitting in the contracts. If you want...
MFI distribution plan and liquidity mining event
The Marginswap token distribution is designed from the get-go to drive adoption of the marginswap protocol. That is why the remaining MFI tokens will be distributed to users and early adopters of Marginswap. — Distribution of protocol incentive tokens: 2,500,0000. — Tokens will be distributed starting at 4000 MFI daily, with a 0.1% daily contraction. These tokens will be distributed for 981 days, starting from 04.03.2021( 4 March 2021) with the last distribution happening on 9.11.2023. At that point, the protocol won’t have to incentivize trading and bond lending. Though in case any new forms of incentives should be needed, the treasury will be more than capable to fund it.Protocol incentive distribution curve — The daily distribution will happen in 2 stages:. — Before Beta: Before Beta, Uniswap liquidity providers for the MFI-USDC pair will receive all the daily token distribution. More info as well as the staking contract will be shared in another post. After Beta: After the beta launch MFI will be distributed as follows:Uniswap liquidity mining 20%Bond lending 40%Margin swaps 30%MFI Staking 10% — Distribution of marketing, bounty, treasury: 1,000,000. — 200,000 of these tokens will be unlocked on 04/04/2021 and the rest of the tokens will be sent to a new vesting contract from which 100,000 MFI will be released every 60 days. A good number of the 1,000,000 MFI will be reserved ...
AMA: Read to learn more about Marginswap
Photo by Matt Walsh on Unsplash Q: Is Marginswap built on top of the Uniswap and Sushiswap system or a completely new DEX? A: We are a DEX but source liquidity from Sushi and Uniswap. In the future, we hope to be connected to 1inch, curve and many more AMM Q: So, margin trading, a beloved feature in the world of crypto, yet it’s relatively difficult for new traders, can you explain how margin trading works for the people unaware of it? A: Let’s assume you have 1 BTC, margin gives you the power to trade up to for example 5 BTC. In essence margin trading can give a tiny fish the power of a whale and that is the beauty of leverage. It gives you the potential to exponentially increase your PNL from a trade/swap, all the while only risking a tiny % of your funds Q: The MFI token is part of the Marginswap ecosystem, but what role does it have in this system? Is it used as a utility token? Transaction token? Or maybe a staking token? A: The token powers the protocol, it drives adoption in every way possible. 1. It is a reward token (think fee distribution, incentives, etc) 2. Governance: After the launch of v1.0 only token holders can decide which token to activate cross margin for and initiate upgrades. 3. A collateral asset: when the token has over 10m$ in Uniswap liquidity, it can also be used as collateral to trade other assets on the protocol. 4. The token is needed in order to call liquidation on underwater trades. So...
Marginswap — Trade the hottest tokens on margin
Marginswap — Trade the hottest tokens on margin Although 2020 was not a great year overall, there is one thing we all were happy about — The rise of the crypto bull market. Bitcoin crossed its 2017 ATH in November 2020 and has remained over $20,000. Crypto’s total market cap has now crossed one trillion for the first time ever. Also, most of the crypto market experts believe that this rally will continue for the rest of 2021. These market conditions have amplified the scope of crypto exchanges as the number of people who want to get involved in the cryptocurrency market is increasing exponentially. These exchanges do a great job in serving their users as the crypto market inherently comes with many complexities such as market illiquidity and price volatility. About Marginswap Marginswap is a new age decentralized exchange (DEX) built on the back of DeFi giants; Uniswap and Sushiswap. Users of Marginswap get to trade some of the most popular crypto tokens in the market with ease. The best part about trading with Marginswap is the leverage it offers its users on these tokens. For instance, tokens like Bond or MTA as of right now cannot be traded on margin on any typical closed-system exchange, largely due to liquidity constraints. But Marginswap would be listing these assets already with the release of the beta platform, safely, by using the liquidity of existing decentralized exchanges. Our goal is to improve t...
Introducing the token that will power Marginswap Protocol
Introducing the token that will power the Marginswap Protocol Over the past few years, many projects have come forth to offer decentralized margin trading exchanges. Yet all of these projects have faced the same issues: Liquidity, security, dangerously high slippage, and lack of token options, which are all extremely important factors to any trader who fears liquidations due to market volatility, security exploits, and slippage. What if you could harness all the best parts of the biggest decentralized exchanges AND leverage trade on them? That is why we are building Marginswap. A decentralized margin and spot trading platform built on the back of DeFi Giants like Uniswap and Sushiswap. By using Marginswap and the Marginswap protocol token, users will be able to margin trade with up to 5x leverage using the most popular DeFi exchanges available. The Marginswap token will offer an array of exciting functions to benefit all users of the platform: Governance: Like all great DeFi projects, token holders will decide the future of Marginswap through a DAO. Community members can vote on fee distribution, buybacks, addition and removal of margin assets, and much more. The possibilities are endless. We believe the community knows best and so it is the community of token holders who decide. Margin trading and collateral assets: To a reasonable safe margin on any crypto-asset trading on any of the DEXs we support, the individual tokens w...
More Marginswap (#MFI) News
|Reasons why XRP's 14% uptick could turn into a full-fledged bull run
Ripple [XRP] is finally regaining its affinity for the upside after about three weeks of weak price action. The cryptocurrency slipped out of its short-term ascending channel after a bearish performance at the end of August. XRP’s bullish performance in the last three days has pushed it back to the previous range. But the question remains — can it sustain the current momentum?
XRP pulled off a 14% uptick from its $0.31 weekly low to its current 24-hour high of $0.36. It is now trading above the same line that previously acted as support. XRP previously demonstrated bullish weakness in the last 10 days of August before capitulating and forming the next support level at $0.31.
XRP’s upside in the last 24 hours was capped after coming into contact with the 50-day Moving Average (MA). Its previous attempt to cross back above the 50-day MA was thwarted, leading to more price weakness.
XRP has already given up some of its gains after experiencing an increase in sell pressure. The similarities between the two instances highlights the potential for a bearish retracement.
On the other hand, XRP’s Relative Strength Index (RSI) indicates a stronger momentum at its current price level. Its Money Flow Index (MFI) also underscores more accumulation compared to its end of August performance. This outcome may support more upside.
XRP whales and short-term profits
On-chain metrics reveal an increase in which activity in the last three days. The whale transaction c...
|Algorand (ALGO) Posts Double-Digit Price Drops In Last 30 Days
Algorand native token, ALGO, has dropped 17% since the start of this month and has now joined the group of cryptocurrencies whose prices have tumbled by double digits this month.
Algorand sheds 91.30% from ATH of $3.28
ALGO price now trading at $0.2985
MFI at 17 reaches oversold zone
Away by 91.30% from its record high of $3.28, ALGO is the 30th-ranked cryptocurrency with the greatest market capitalization.
ALGO Price Loses 0.81% Of Value
According to CoinMarketCap, ALGO price has dipped by 0.81% or trading at $0.2953 as of this writing.
Contrary to popular belief, the Algorand chain experienced some ecosystem growth in the previous month despite a month-long reduction in the value of its coin.
On Monday, Algorand's price increased by more than 5% and closed the day's candle at +$0.0156.
The levels visible on the ALGO/USD 1D chart are crucial for short-term bullish traders. Since they successfully held the $0.28 barrier, bullish ALGO traders' overhead goals are $0.3409, $0.3803, $0.4199, $0.4709, and $0.5799.
The traders that have been in charge of this market over the past week are bearish Alogrand traders, who are at odds with the bulls. In order to breach the bottom of its current range at $0.2556, bearish ALGO traders want to drive the price of the algorithm below $0.27.
ALGO's average price over the previous 30 days was $0.33, showing a -10.79% value drop. Algorand's price [+5.52%] completed its daily candle on Monday at $0.298 and is back in the green. On...
|Bitcoin Cash Loses 10% In Last 24 Hours, Despite 40% Hike In Trading Vol...
Bitcoin Cash had shed 24% of its value in the previous 12 days. Leading coins like Bitcoin (BTC) and Ethereum (ETH) have also experienced double-digit losses over the past 26 days as a result of the broader market slump.
BCH support present at $113.2
Bitcoin Cash key resistance spotted at $117.44
BCH price currently trades at $115.65
Bitcoin Cash has already shed 10% of its value in the last 24 hours. This, despite enjoying 40% increase In trading volume in the last 30 days.
Since the start of the month, the total market capitalization of cryptocurrencies has decreased by nearly 5%. The broader market slump has had an effect on Bitcoin Cash (BTC), which has a strong positive correlation with BTC.
More so, BCH increased by 40% in value over the past 30 days, trading at $145.92 as of August 15. The assessments of BCH's price changes on a daily chart also did not provide optimistic information.
Investors have steadily dropped their BCH holdings since August 19.
Meanwhile, Relative Strength Index (RSI), Money Flow Index (MFI), and Chaikin Monkey Flow (CMF) were all pushed below their respective neutral zones by the increase in coin distribution.
Bitcoin Cash Price Trading At $115.65
According to CoinMarketCap, Bitcoin Cash price is trading at $115.65 or up by 0.05% as of press time.
The RSI was seen at 40 as per the time of writing. The coin had an MFI of 39 and a CMF of -0.20. The buy...
|Elrond Network Watch: Consider This Before Filling Up Your Wallet With E...
EGLD, Elrond Network’s native coin, was able to break free from a falling wedge pattern during an uptrend seen on August 20.
According to CoinMarketCap, EGLD is up by 0.77% or trading at $53.58 as of this writing.
It can be remembered that EGLD had a stirring bull run last month that has propelled the coin to a spike of 16%. However, since then, the coin has had a massive double-digit decline this August.
EGLD apparently treads the same direction with major crypto Bitcoin that has experienced the extreme downswing that affected the crypto market this month.
An extrication spotted at a falling wedge usually ticks a spike in price. However, is this surefire sign to go all-in for EGLD?
EGLD Hints At Potential Downtrend
On the daily graph, EGLD’s key indicator shows that the trading momentum is routed in such a way that dispels the belief of a potential bullish reversal.
RSI for EGLD looks bleak as it is positioned at 39 or under the 50-neutral region.
More so, the coin’s MFI is set at 35 hinting a downtrend. The CMF dynamic line is also at -0.09 or set under the central line (0.) which implies a disturbing plunge in terms of pressure on the price of EGLD.
The downtrend is further validated by the coin’s MACD positioning which is composed mainly of red histogram bars.
Since August 15, the MACD line is spotted crisscrossed with the trend line in a downturn.
This strongly indicates the increase in EGLD selling pressure seen in the past couple of days.
|Ripple whales would be responsible for XRP's next bull run and this is w...
Sharing a statistically significant positive correlation with Bitcoin [BTC], the price of Ripple’s XRP has been impacted by the price decline suffered by the king coin in the past seven days. Exchanging hands at $0.3422 at press time, the price per XRP dropped by 12% within that period. So far this month, the token has declined by 14%. This comes after XRP’s price rallied by over 15% in July.
XRP in the last 24 hours
Impacted by the series of liquidations that hit the cryptocurrency market, XRP has suffered $1,586,572 in liquidations in the last 24 hours. The fall in the price of the token led to a decline in its trading volume. Standing at 1.32 billion at press time, XRP’s trading volume declined by 19% in the past 24 hours.
On a daily chart, XRP had traded in a tight range since 31 July. Posting a double-digit decline during the intraday trading session of 19 August broke the tight range in a downtrend. With a decline in XRP accumulation in the last few days, its Relative Strength Index (RSI) breached the 50-neutral region in a downtrend to be pegged at 38 as of this writing. Also indicating a hike in selling pressure, the token’s Money Flow Index (MFI) was 39 at press time.
A tale of 20 days
On-chain data revealed a decline in the token’s network activity since the beginning of August. The index for active addresses transacting XRP tokens daily has dropped by 31% in the past 20 d...
|XRP Signals Considerable Uptick – Will Social Media Lift Its Price...
XRP price has demonstrated a significant uptick that come with engaging social media tweets and discussing. Does this hint a potential bull run?
XRP price amplified by social media mentions during summer
Ripple now an official World Economic Forum partner
Crypto price bleeds by 10% in 24 hours
Ripple Is Now The Official Partner Of WEF
Now, Ripple is an official partner of the World Economic Forum as announced on their website which also adds another layer of credibility and trustworthiness to XRP.
The WEF is a Switzerland-based international NGO established on January 24, 1971 and founded by Klaus Schwab, a German economist and engineer.
On their partnership with Ripple, the WEF has announced, “Ripple is developing and enabling the future use cases that will catalyze the new digital economy for governments, businesses and consumers.”
During summer, Ripple has also shown immense social media popularity and uptick in comments and engagements.
On several occasions, upticks in terms of social media interest brought about profitable opportunities for both stocks and crypto alike.
However, despite Ripple’s intense popularity, XRP was not able to benefit from the overwhelming social media hype.
On August 19, the crypto has had a 10% liquidation following a drop from the descending parallel channel.
The bearish cross that move over both the 8-day an...
|SHIB On Fire – And A Bull Run Could Be Around The Corner – H...
Shiba Inu (SHIB) price has spiked by over 30%, signifying a bull run may not be far away.
SHIB price surged by over 30% on August 14
Shiba Inu trading volume peaked to 700% yesterday; highest since April 12
SHIB registers extended period of MDIA which means traders must exercise caution
SHIB price has peaked to as high as $0.00017, which is considerably the highest it has been since May 10. More so, trading volume has also climbed to 700% over the weekend which is the highest registered since April 12.
Shiba Inu network registered a huge uptrend in whale transactions soaring to as much as $100,000 as seen in August trading session. Considerably, around 400 whale transactions were done catapulting to a record-breaking transactions amounting to more than $100,000 that SHIB was able to log in the past few months.
SHIB Daily Chart Shows Premature Bull Run
Judging by the movement of SHIB on the daily chart, it seems that the price spike seen over the weekend is a premature call for a bull run.
With the MFI and RSI chartering the overbought zones, the MACD position isn’t showing any potential bull run. Apparently, there were no intersections seen between the trend lines and MACD that could hint a gigantic uptrend.
According to CoinMarketCap, SHIB is up by 2.72% or trading at $0.00001619 as of this writing. Despite the coin soaring in value overnight, the MVRV for 1D is low at -7.498% which hints that only a few investors gained profit from the price rally yesterday.
|Sandbox (SAND) Having A Blast With 12% Spike In 24 Hours
Sandbox (SAND) was one of the most active cryptocurrencies on Thursday, with values increasing by as much as 14 percent. After reaching a low of $1.13 on Wednesday, the SAND/USD pair reached a session high of $1.28 earlier today.
The token reached its highest level since June 25 and drew closer to a crucial resistance level as a result. During the same timeframe, the market capitalization of the token increased by 15 percent. It was valued at $1.58 billion as of press time, according to data from Coingecko.
Suggested Reading | ATOM Rises To Multi-Week High, Daily RSI Shows Bullish Pattern
Major Indicators Showing Positive Values
According to Santiment statistics, SAND's major indicators improved over the past day, with the exchange flow balance exhibiting a positive value of $1,411,000.
In the previous 24 hours, significantly more SAND tokens were supplied to exchanges than were withdrawn. In such circumstances, a further price increase is anticipated.
Based on the chart, this resistance is located at $1.35 and has not been breached since late May, when prices were trading near $1.50.
To not only reach this ceiling, but perhaps surpass it, the 14-day relative strength index would need to surpass its own barrier. As of Thursday at midday, the SAND RSI is tracking at 57.50, which is just below the level of resistance at 58.
Crypto total market cap at $901 billion on the daily chart | .com
Coinbase Merge Pushes SAND Price Up
This week's news t...
|XRP: Analyzing what growth in active address could mean for long-term ho...
Despite the uncertainty that plagues the future of XRP as a result of the legal tussle with the Securities and Exchange Commission (SEC), during intraday trading hours on 30 June, it performed better than most altcoins. While most altcoins recorded a decline in price during the trading session yesterday (30 June), the price of XRP lodged some gains.
As per data from Santiment, on 27 June, the index for the unique addresses interacting on the network exceeded 200k for the first time since February 2020. While such an increment is usually indicative of a price rally, let’s take a closer look at the general performance of XRP in the last seven days.
A ‘Ripple’ing decline
Seven days ago, data from Santiment showed that the price of XRP was pegged at $0.37. However, exchanging hands at $0.3139 at the time of writing, the price of the coin declined by 16% in the last seven days. Similarly, within this window period, its market capitalization saw a drop from $17.63 billion to $15.17 billion.
Trading at its January 2021 levels, the XRP token has been steadily declining since May 2021. Marking an all-time high of $3.30 on 4 Jan 2018, the altcoin is 90.46% shy of touching that high once again.
According to data from CoinMarketCap, in the last 24 hours, the price of XRP stood at a 4% loss. However, trading volume rallied by over 45%. The Relative Strength Index (RSI) at the time of writing was 37.96 indicating increased sel...
|Solana-Based Defi Margin Trading Protocol Raises $3 Million in Seed Fund...
On Wednesday, the team behind Solana-based decentralized finance (defi) margin protocol Marginfi, announced Mrgn Labs has raised $3 million in seed funding from investors. With the recently acquired funds, Marginfi aims to build the first cross-margining engine on the Solana blockchain.Mrgn Labs Gets $3 Million in Funding From Strategic Investors
Mrgn Labs has revealed the company has raised $3 million from investors in order to bolster defi margin trading, according to a press release announcement on Wednesday. Mrgn Labs is the team behind the defi margin protocol called Marginfi, a protocol that allows traders to access margin in a decentralized fashion. Mrgn Labs disclosed that the funding round was co-led by Multicoin Capital and Pantera Capital. Furthermore, Solana Ventures and Sino Global Capital participated in the fundraising as well.
'In 2021, we saw an explosion of innovative financial products emerge across defi,' Edgar Pavlovsky, the founder of Mrgn Labs explained during the announcement. 'The problem is the trading experience is now extremely fragmented across different protocols, which destroys capital efficiency and prevents traders from combining their positions into one unified account. In 2022, we can finally break down these silos and make the entire ecosystem more composable,' Pavlovsky added.
A few defi based margin trading decentralized exchange platforms already exist like marginswap.finance, which allows people to swap tokens with up to 5x leverage. Me...