Quick take:
- The fundraising also attracted participation from Solana Labs, Nascent, and Gemini.
- Pye Finance said the platform targets Solana’s $75 billion worth of staked SOL pool.
- The company aims to give validators and stakers more flexibility over terms and reward flows.
Pye Finance has announced a $5 million seed round led by Variant and Coinbase Ventures. The fundraising also attracted participation from Solana Labs, Nascent, and Gemini, the company said in a press release on Monday.
Pye plans to use the capital to accelerate the development of its platform, which lets users trade locked Solana staking positions on-chain. According to the announcement, Pye is targeting Solana’s $75 billion worth of staked SOL pool, giving validators and stakers more flexibility over terms and reward flows.
According to information on the Pye website, the platform is currently averaging 5.5% APY for staked SOL locked in for six months, while a 12-month lock-in is averaging 6.5% and the 24-month equivalent 7.5%.
Commenting about giving stakers of the $75 billion locked SOL more flexibility, Pye said, “These positions typically can’t be customized or traded once locked, limiting how validators compete for stake and how stakers manage liquidity.”
“Validators have become the underbanked layer of Web3,” said Erik Ashdown, co-founder of Pye, in the release. “We’re building the financial infrastructure that lets them operate like asset managers — offering structured products, predictable returns, and better transparency for stakers.”
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