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 assets to additional develop its liquid staking protocol, add prime expertise to the workforce and onboard decentralized finance (DeFi) lovers to its platform,” in response to a press launch. The venture 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 response to DeFiLlama. Asymmetry’s web site estimates Lido’s share of the staked ether market at 88%.
Asymmetry’s major 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 response to the web site.
Garland likened the token to an exchange-traded fund or ETF for liquid staking tokens.
The weighting is at the moment break up evenly, however in response to the venture’s white paper the combo might ultimately be decided by members of an “Asymmetry DAO” who maintain the venture’s ASF tokens.
Edited by Parikshit Mishra.