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Announcing Our $7M Seed Round Led by Finality and Hashed
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Announcing Our $7M Seed Round Led by Finality and Hashed

We're excited to announce that Fragmetric has raised $7 million in a seed round co-led by Finality Capital Partners and Hashed, with participation from Presto, Hypersphere, Bitscale Capital, Halo Capital, Flowdesk as well as awesome angel investors from the Solana and Restaking community.

Restaking is the future

Restaking is an emerging concept advanced by Jito that repurposes the Solana network’s large staking resources to secure new applications and services, thereby accelerating decentralization. Jito exemplifies this innovation by enabling developers to tap into Solana’s economic security rather than bootstrapping their own validator sets, while stakers benefit from improved capital efficiency and higher returns. Building on this principle, various Node Consensus Networks (NCNs) and Liquid Restaking Tokens (LRTs) have emerged, allowing SOL stakers to easily earn additional yield on top of their existing stakes through restaking.

Building the Next Generation Liquid Restaking Station

However, there are challenges to overcome in two key areas:

  • Effectively distributing the various types of NCN rewards to LRT holders
Fragmetric solves this utilizing the transfer hook feature of the token extension to precisely track balances over time, ensuring that NCN rewards are distributed accurately based on how long each user has held their LRTs. When NCN rewards are received in Fragmetric’s vault, the reward module records the time-based balance, allowing users to claim their respective rewards. This method ensures that $fragSOL accurately calculates and distributes NCN rewards to all users.
  • Determining appropriate slashing ratios for each LST, particularly in scenarios where multiple LSTs are involved in NCN validation
Fragmetric addresses this by using the Normalized Token Pool, which normalizes the price of deposited tokens and accurately mints or burns fragSOL and nSOL. As a result, Fragmetric only needs to delegate or slash a single token in restaking protocols, simplifying how many tokens must be allocated or slashed for each LST. Users receive fragSOL, while nSOL is staked and delegated to NCN nodes. In a slashing event, slashers receive nSOL for detecting malicious behavior, and can redeem it for SOL and LSTs by burning nSOL in the Normalized Token Pool.

You can check the detailed information in the docs.

Our Achievements

Since Fragmetric launched in October 2024, Fragmetric has shown continuous growth in TVL through Phase 1's cap 1 to 3, with over 25k+ unique addresses holding $fragAsset (fragSOL, fragJTO).

Additionally, with TipRouter going live, the rewards generated from restaking are boosting the fragSOL and fragJTO native yield, with all rewards being auto-compounded for users to easily enjoy.

Looking Ahead

We have been pushing forward to establish a new liquid restaking standard. In the coming days, fragSOL and fragJTO will be integrated into various DeFi protocols and will be fully operational.

With Jito (Re)staking and the upcoming launch of NCN including Squads Protocol, Switchboard, Sonic SVM, Ping Network, Leaf Protocol, N1 chain, we look forward to expanding the Solana Ecosystem.

Join the Fragmetric Community

About Fragmetric:

Fragmetric is a native liquid restaking protocol on Solana that aims to improve the economic potential and security of the Solana ecosystem. Fragmetric succeeded in carrying out NCN reward distribution by utilizing Solana's token extension. Additionally, Fragmetric created useful solutions, such as the Normalized Token Program, for utilizing various LSTs in restaking platforms. The goal of Fragmetric is to create a safe, open, and incredibly effective restaking system that empowers users and supports the stability of the Solana restaking ecosystem.

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