PsyFi acquires yield generation protocol Katana for undisclosed sum

Acquisition will solidify position as Solana's top structured products provider

SOLANA BEACH, Calif., April 4, 2023 /PRNewswire/ -- PsyFi, a decentralized provider of best-in-class financial tools and products on the Solana blockchain, announced today it has acquired the yield generation protocol Katana for an undisclosed sum.

The strategic acquisition of Katana will solidify PsyFi's position as the premier provider of structured financial products on Solana. Katana does not have a live token, and has traded more than $750 million in options since winning the Solana Ignition hackathon in October 2021, making this one of the biggest acquisitions in Solana DeFi to date. 

"The DeFi sector is undergoing a period of consolidation. The acquisition of Katana will help ensure that PsyFi emerges stronger and better able to serve our users and our community than ever before," said co-founder Tommy Johnson, who teamed up with brother Taylor Johnson to create PsyFi forerunner PsyOptions in 2021. 

Under the agreement, PsyFi will acquire all of the Katana protocol's IP, expanding its roster of top-class yield offerings for users. 

"We are thrilled to announce Katana's acquisition by PsyFi, an innovative and respected company that has stayed true to Web3's core values since the start. We believe its team is in a fantastic position to realize Katana's mission to offer the preeminent yield generation products in DeFi," said Katana founder Ayush Menon. 

"Like Katana, PsyFi believes devoutly that sophisticated financial tools and investment strategies should be open and accessible to all – not a walled garden reserved for the few. Blockchain makes that possible."

About PsyFi
PsyFi has created a suite of best-in-class financial tools and products that let users tailor investment strategies to their risk/reward appetites. It also offers a wide range of automated trading strategies, eliminating the hassle of managing positions while optimizing yields for investors. PsyFi is open source, accessible and community-owned, with PSY token holders governing the smart contracts and the fees they generate. The team is dedicated to building a decentralized finance organization that will stand the test of time, supporting users throughout their investment journeys. 

About Katana
The Katana protocol exists as a set of smart contracts on the Solana blockchain and offers the premier suite of packaged yield products, enabling users to passively access a comprehensive selection of risk-adjusted strategies in the ecosystem.

SOURCE PsyFi