FF News — The Fintech News Network

RateX Raises $10.4M to Build World’s First Universal Structured Finance Layer on Solana

26 November 2025

RateX founder Sean Hu announces $10.4 million in funding with backing from Animoca Ventures, ECHO, GSR, Crypto.com Capital and other global investors as the protocol launches its Mooncake leverage tokenization upgrade and expands integrations with DeFi Development Corp.
RateX, the leading yield trading protocol on Solana, today announced that it has raised a total of $10.4 million across three funding rounds over the past two years, including a recently completed $7 million strategic round. The latest raise includes participation from leading global investors such as Animoca Ventures, ECHO, GSR, Crypto.com Capital, Gate, Rzong Capital, BGX Capital, Summer Capital, and more. RateX is recognized as the leading yield trading protocol on Solana, enabling users to access high-leverage, liquidation-free farming and fixed-income products by separating principal and yield through advanced tokenization mechanisms. This architecture allows traders, farmers, and institutions to manage and trade yield with unprecedented capital efficiency. At the heart of RateX’s early innovation is margin yield token (YT) trading, which provides the most efficient capital structure for yield trading available today. The protocol’s approach has established a new standard for programmable yield products, structured yield markets, and scalable on-chain leverage. With the launch of RateX V2, codenamed Mooncake, the team is introducing a transformative financial primitive: Leverage Tokenization. Mooncake enables a permissionless, liquidation-free leveraged token market, expanding the protocol’s existing yield infrastructure into a fully composable leverage ecosystem. By turning leverage positions themselves into tradable tokens, RateX removes the reliance on traditional lending markets and eliminates the risks associated with liquidations, unlocking:
  • USD-denominated funding yield tokens
  • Liquidation-free leveraged tokens
  • Completely on-chain, programmatic leverage markets
  • Composability with any DeFi protocol on Solana
By making leverage tradable, programmable, and openly accessible, RateX transforms what has historically been a complex backend mechanism into a first-class on-chain asset layer. In June of this year, DeFi Development Corp. the first U.S. public company to deploy a treasury strategy focused on accumulating and compounding Solana (SOL), announced a strategic integration with RateX. Through this integration, dfdvSOL, the company’s adopted liquid staking token (LST), gained full access to RateX’s margin-based yield ecosystem, enabling enhanced capital efficiency and expanded yield opportunities across the Solana DeFi landscape. RateX’s long-term vision is to become the universal structured finance layer for all on-chain markets, powering fixed income products, yield strategies, leveraged products, and institutional-grade structured instruments through transparent, verifiable primitives. “Sincere thanks to our investor base for supporting this vision to build the foundational layer for all structured finance on-chain,” said Sean Hu, Founder of RateX. “With the launch of Mooncake, we’re unlocking a new era of scalable, permissionless yield and leverage markets, built natively for the Solana ecosystem.”

More from News