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Reflected money that is announced today a seed round of $ 3.75 million under the leadership of A16Z Crypttos CSX accelerator, with the participation of Solana Ventures, Equilibrium, Bigbrain Holdings and Colosseum.
Reflect Grand Champion in Colosseum’s 2024 Solana Radar Hackathon.
The new capital will finance a “Software-AS-A-Stablecoin” infrastructure with which every app issue can yield dollars without lockups or operational complexity, the team told Blockworks.
The pitch of Reflect is simple: idle stablecoin -saldi must be placed in productive Defi yield strategies.
“Every inactive assets represents dead capital … it should earn while you sleep while you act while it is in your wallet,” said CEO Nico James.
Reflect Protocol tokenises Onchain Defi strategies-Delta-Neutral basic actions, loans, etc. then, then changes USDC-SALALI in a yield-bearing “USDC+” while it remains completely liquid.
Stablecoins will be a non-legal person and will be beaten and exchanged as desired.
Think of Morpho White label Vaults meets M^0’s Stablecoin-As-a-Service. Or just Ethena.
Defi strategies are carried out by smart contracts and are limited to the team’s own composite strategies for now. Curated Defi strategies will be open to developers who are subject to approval of governance, the team told me.
In short, reflects every developer to become his own Neobank.
As part of the risk management, every strategy is supported by an autonomous, Onchain insurance liquidity pool.
This “Global Insurance” pool will use Jito Restaked Assets for Liquidity, described an approach as related to FSCS -like insurance for traditional banks.
The insurance pool also provides slip-free, MEV-free and Feeless rebalancing between strategies.
Reflect is aimed at a MantNet launch of early September that will support USDC on Solana.
“Stablecoins are a market of ~ $ 280 billion that deserves zero yield,” said James. “We are about to change that.”
If it works, “inactive dollars” on Solana can become an endangered species.
