Pye Finance Raises $5 Million Seed Round to Develop On-Chain Solana Stake Trading Marketplace
Pye Finance has raised $5 million in a seed funding round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent, Gemini, and others.
The funds will be used to develop an on-chain marketplace on Solana for trading time-locked staking positions. This initiative targets Solana’s large pool of staked SOL, estimated at about 414 million tokens worth roughly $75 billion, which are currently held in basic staking accounts.
Pye Finance plans to enhance the system by enabling validators to set lockup parameters and reward flows, and to tokenize locked stakes into two assets: a principal token redeemable for SOL at the end of the term, and a rewards token representing staking rewards payable at maturity.
This dual-token structure will allow stakers to sell exposure to future rewards or utilize their positions in other decentralized finance (DeFi) strategies while remaining staked.
Founded by Erik Ashdown and Alberto Cevallos, Pye Finance conducted a closed alpha earlier in 2025 and plans to launch a private beta in the first quarter of 2026.
The co-founders describe validators as an underbanked segment of Web3 and aim to provide them with asset-manager-like infrastructure featuring structured products, predictable returns, and enhanced transparency for stakers.
