Pye Finance announced a $5 million seed funding round on December 8, 2025, led by Variant and Coinbase Ventures, with participation from Solana Labs and other investors. The company aims to revolutionize Solana’s staking ecosystem by introducing a marketplace that transforms over 414 million SOL in static stake accounts into programmable, tradeable financial assets. Founded by Erik Ashdown and Alberto Cevallos, Pye enables validators to offer more flexible staking products with granular control over rewards and lockup periods.

The platform introduces a novel approach to staking by splitting stake positions into two tokens: a Principal Token (PT) redeemable 1:1 for locked SOL and a Rewards Token (RT) for staking rewards. “Validators have become the underbanked layer of Web3,” said co-founder Erik Ashdown, highlighting the company’s mission to provide sophisticated financial infrastructure for blockchain validators. The startup plans to launch a private beta in Q1 2026, targeting institutional stakers seeking more dynamic staking solutions.

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• How much total value is locked in solana stake? Approximately $75 billion.

• Who led the funding round? Variant and Coinbase Ventures.

• What problem does Pye solve? Unlocking liquidity and programmability for staked assets.

• When will the beta launch? Private beta planned for Q1 2026.

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