Hedgehog Markets, a decentralised prediction markets platform built on the Solana blockchain, has raised USD3.5 million in a seed funding round.
Investors include prominent venture and digital asset firms Reciprocal Ventures, Republic Labs, Alameda Research, Divergence Ventures, MGNR, and Manna. Hedgehog also received a grant from the Solana Foundation.
Hedgehog will use the new funding to propel its mainnet launch (the platform is currently in open beta), bring on additional key talent, and continue reaching development milestones. Not only will Hedgehog have evolved from idea to live product in less than a year, but it will also be the first prediction markets platform to launch on Solana mainnet.
Hedgehog provides a platform for users to trade on their beliefs, an experience bolstered by Solana’s fast transaction speeds and near-zero network fees. The platform also enables users to earn yield on their funds while participating in markets; market topics include politics, economics, decentralised finance (DeFi), and more. Trades are executed instantly via smart contracts, allowing users to transact seamlessly without relinquishing custody of their funds to a central intermediary.
“Our focus is on providing the best possible experience; users are at the centre of our product development,” says George Yu, Founder of Hedgehog Markets. “We’re very excited to be working with our investors, team, and community to craft and deliver an innovative prediction markets platform that our users will love.”
“We believe conditions are ripe for innovation in this space,” adds Srikar Varadaraj, Partner at e^{i} Ventures, the venture studio behind Hedgehog. “Users are seeking alternative ways to engage with decentralised applications beyond simply moving assets around for yield. Prediction markets stand to become an increasingly popular product for users with the rise of DeFi, as financial assets move at the speed of information in a permissionless world.”
During its closed-beta launch in April, the Hedgehog platform received over 6,000 user registrations. Hedgehog is currently operating on devnet (open beta) with plans to launch on the Solana mainnet before Q4 2021.
