Pye Finance Closes $5M Seed Round Led by Variant and Coinbase Ventures

Pye Finance has secured $5 million in a seed funding round led by Variant and Coinbase Ventures, with participation from Solana Labs, Nascent, and Gemini. The startup is developing an on-chain marketplace on Solana designed to make time-locked staking positions tradable and easier to structure into fixed-term products. Currently, over 414 million SOL tokens are locked in basic staking accounts, which cannot be customized or traded. Pye plans to allow validators to tokenize these locked positions into two assets: a principal token and a rewards token, enabling stakers to sell future reward exposure or integrate positions into DeFi strategies. Co-founder Erik Ashdown stated they are building financial infrastructure to allow validators to operate like asset managers. Pye plans to launch a private beta in the first quarter of 2026.

(Source：CoinDesk)