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 mentioned on Tuesday.
The corporate will “use the assets to additional develop its liquid staking protocol, add prime expertise to the workforce and onboard decentralized finance (DeFi) fanatics to its platform,” in line with a press launch. The mission 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 line 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 by-product tokens together with Lido’s wstETH, Rocketpool’s rETH, Frax’s frxETH, Stakewise’s sETH2 and Ankr’s ankrETH, in line with the web site.
Garland likened the token to an exchange-traded fund or ETF for liquid staking tokens.
The weighting is at present cut up evenly, however in line with the mission’s white paper the combo may finally be decided by members of an “Asymmetry DAO” who maintain the mission’s ASF tokens.
Edited by Parikshit Mishra.