Exponent Finance, a Solana-based yield exchange, has raised $5 million in a seed funding round as it prepares to expand its platform into broader yield infrastructure.
Multicoin Capital led the round, with Solana Ventures, RockawayX, L1D, Prelude, and Theia Blockchain participating, along with angel investors such as Solana Labs CEO Anatoly Yakovenko and Solana Foundation’s head of institutional growth Nick Ducoff, Exponent said Thursday.
The startup began fundraising for the round in May last year and closed it in August, co-founder and CEO Thomas Lefort told The Block. The funding was raised in a single tranche and structured as a simple agreement for future equity (SAFE) with token warrants, Lefort said. He declined to disclose the valuation and whether any investors took board or observer seats in the round.
The new funding brings Exponent’s total raised capital to $7.1 million, following a $2.1 million round in November 2024.
Expanding yield infrastructure on Solana
Exponent plans to launch an updated version of its platform next month to expand its current yield exchange into infrastructure for active yield management across Solana.
The new version will introduce two key components: a “fully” onchain interest rate order book and strategy vaults.
The order book will allow users to swap variable yield exposure, such as staking or lending positions, into fixed-rate or leveraged positions based on their view of future rates, Lefort said. For example, users of lending protocols like Kamino can convert variable returns into fixed-term, fixed-rate positions through Exponent, he added.
Strategy vaults, meanwhile, are designed for users who do not want to actively manage such strategies. These vaults allow asset managers to package interest rate strategies, such as fixed-rate looping or hedging, and offer them to users in a simple format. The vaults operate onchain and are governed by predefined policies that limit how managers can deploy capital, Lefort said.
Exponent essentially aims to give asset managers or issuers more tools to distribute their assets and onchain participants a place to actively construct portfolios around those opportunities.
Exponent said it is already onboarding asset managers and preparing to launch markets across stablecoins, real-world assets, and Solana-denominated products. Early partners for strategy vaults include RockawayX, Hastra (Figure’s HELOCs), OnRe, and Solstice.
Since launching in late 2024, Exponent said it has processed more than $2 billion in yield volume across over 35,000 users. The platform generates revenue through two main sources: fees on issuing derivative positions tied to yield assets and fees on trading activity on the platform, Lefort said.
Exponent currently operates with a team of 12 people, and its near-term focus remains on launching the updated platform and strengthening security, Lefort said. Notably, around $1 million of the new funding is expected to be allocated toward security, including audits and a bug bounty program, he added, noting that part of this may also come from Exponent’s existing treasury.
Exponent plans to stay focused on Solana, Lefort said, arguing that the network offers the performance and user experience needed for scaling onchain financial markets.
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