Neptune Protocol Raises $3.9M in Seed Funding to Launch USDN, Eclipse's Native Stablecoin

Neptune has successfully raised $3.9 million in a seed funding round, with participation from prominent investors including Bloccelerate, Animoca Ventures, CMS Holdings, and Maelstrom. These funds will support the launch of USDN, the native stablecoin of Eclipse, a modular blockchain powered by the Solana Virtual Machine (SVM). In addition to the seed funding, Neptune has received further investments from distinguished angel investors and leading funds. The project is led by co-founders David Mass and Meir Bank, both of whom bring extensive experience from their previous roles at Citibank and AngelDAO.

The funding round also attracted investments from Veil VC, Builder Capital, Infinity Ventures, RockTree Capital, Wise3 Ventures, Stake Capital, Optic Capital, and Relayer Capital, among others. Additionally, prominent angel investors Meltem Demirors, Kartik Talwar, Mike Silagadze, Alan Curtis, and Ben Lakoff contributed to the raise.

The capital from the seed round will help with the development and launch of USDN, fund comprehensive security audits to fortify the protocol, and support team expansion.

David Mass, Co-founder and CEO, expressed his enthusiasm: "Eclipse has been molded by the synergies between Solana and Ethereum—both technically and socially. Building a resilient overcollateralized lending protocol will underpin USDN, while fostering a strong brand and community. Our integration within the Eclipse ecosystem will allow us to support multiple assets, driving USDN’s widespread adoption.”

Neptune has partnered with leading builders and innovative projects within the Eclipse ecosystem, including oracle providers Switchboard, Pyth. Other core partners include Nucleus, Stride, Solar Dex, Rocketpool, Mango and Hyperlane. The protocol has received deep support from the founding Eclipse team. “Neptune and its decentralized stablecoin, USDN, will make a crucial contribution to the Eclipse DeFi ecosystem. By providing a permissionless and censorship-resistant stablecoin option, Neptune will help ensure that the Eclipse ecosystem remains true to the cypherpunk values of crypto,” states Eclipse Labs CEO, Vijay Chetty.

What is Neptune Protocol?

Neptune Protocol is a decentralized borrowing platform built for the Eclipse ecosystem. It enables users to securely unlock liquidity from their collateral without having to sell their underlying assets, enhancing capital efficiency.

The flagship product, USDN, is an over-collateralized native stablecoin soft-pegged to the US Dollar. Borrowers can deposit collateral and take out zero interest loans, gaining immediate liquidity while retaining ownership of their collateral. This proven model addresses the demand within the Eclipse community and its associated ecosystems (Ethereum, Solana, Celestia) along with ETH, SOL, and TIA asset holders for a decentralized, stable unit of account.

Launching on Mainnet

Neptune has been committed to building on Eclipse for over a year, establishing strategic partnerships throughout the Eclipse ecosystem. The mainnet launch is anticipated in Q4.

"Besides focusing on shipping a quality product, our goal is to build an immutable, governance-free protocol that puts security, efficiency, and user empowerment first. With innovative solutions tailored to the evolving demands of our community, Neptune Protocol is positioned to become a foundational pillar in the DeFi ecosystem on Eclipse," said David Mass, Co-founder and CEO.

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