# RateX Raises $10.4M to Build Solana’s Universal Structured Finance Layer

> 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)

By Lidia Yadlos · November 21, 2025

Canonical: https://blockster.com/ratex-raises-104m-to-build-solanas-universal-structured-finance-layer

_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](http://Crypto.com)_ _Capital, Gate, Rzong Capital, BGX Capital, Summer Capital, and others. (Cover:_ _**[Sean Hu, Founder of RateX](https://www.linkedin.com/in/sean-h-07942636/)**__)_

The announcement reflects the rapid rise of structured yield markets on Solana and **[RateX’s](https://rate-x.io/)** 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.

[Post from @seanhu001 on X](https://twitter.com/seanhu001/status/1981671830923661734?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1981671830923661734%7Ctwgr%5E6feb6d0fca6a68bad111e20bc6e587734f84012a%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fblockster.com%2Fwhat-to-expect-from-solanas-biggest-event-breakpoint-2025)

  
With the launch of **[RateX V2](https://rate-x.io/)****, 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.

[Post from @CryptoCurb on X](https://twitter.com/CryptoCurb/status/1991516883997139294?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1991516883997139294%7Ctwgr%5E6feb6d0fca6a68bad111e20bc6e587734f84012a%7Ctwcon%5Es1_c10&ref_url=https%3A%2F%2Fblockster.com%2Fwhat-to-expect-from-solanas-biggest-event-breakpoint-2025)

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.