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GLAM is a platform for institutional managers to launch and operate vaults on Solana. The protocol is live and audited, with Gauntlet and Solstice signed as launch partners.
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Customers
In February we announced Gauntlet, using GLAM to bring its USD yield strategy to Solana with plans for a second product. In March we announced Solstice, using GLAM for token staking vaults and expanding into additional vault types across its ecosystem.
Pipeline
In the last 4 weeks we added 8 new leads, several through ecosystem referrals.
Fundraising
Following Q1 execution progress and a thorough review of our capital requirements, we've revised the seed raise from $3M to $1.5M for 18 months of runway. We stripped the budget back to what gets us to the next milestone, deferred big-ticket items that can wait, and factored in current market conditions from initial investor conversations. The goal is to reduce fundraising time, stay focused on getting existing customers live converting pipeline leads, and raise the next round from a position of strength.
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Drift Exploit
On April 1, Drift suffered a $285M exploit, the largest in Solana DeFi history. Notably, this was not a smart contract vulnerability but an operational security and governance failure.
Despite no direct impact, we expect the resulting loss in market confidence to slow some conversations.
Our response: stay lean, keep shipping, and focus on lending, RWA, and cross-chain use cases. We invested heavily in protocol governance through Q1 and will conduct a full security review with additional measures in light of the exploit (see Q1 Platform Update).
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Q1 Platform Update
Q2 Platform Outlook