Asymmetry Finance, a protocol for liquid staking derivatives, raised $3 million from Ecco Capital, Republic Capital, GMJP and Ankr, as a part of its development plan, the agency stated on Tuesday.
The corporate will “use the sources to additional develop its liquid staking protocol, add prime expertise to the workforce and onboard decentralized finance (DeFi) fanatics to its platform,” in keeping with a press launch. The undertaking is led by co-founders Justin Garland and Hannah Hamilton.
The marketplace for liquid staking derivatives is dominated by Lido, which has about $12.4 billion of “whole worth” or collateral locked in, in keeping with DeFiLlama. Asymmetry’s web site estimates Lido’s share of the staked ether market at 88%.
Asymmetry’s essential product is the safETH token, which represents a basket of liquid staking spinoff tokens together with Lido’s wstETH, Rocketpool’s rETH, Frax’s frxETH, Stakewise’s sETH2 and Ankr’s ankrETH, in keeping with the web site.
Garland likened the token to an exchange-traded fund or ETF for liquid staking tokens.
The weighting is at present break up evenly, however in keeping with the undertaking’s white paper the combination might finally be decided by members of an “Asymmetry DAO” who maintain the undertaking’s ASF tokens.
Edited by Parikshit Mishra.