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Drading online
Bradley Keoun is the managing editor of CoinDesk’s Tech & Protocols crew. He owns decrease than $1,000 every of a lot of cryptocurrencies.
Asymmetry Finance, a protocol for liquid staking derivatives, raised $3 million from Ecco Capital, Republic Capital, GMJP and Ankr, as share of its swear idea, the firm mentioned on Tuesday.
The firm will “utilize the sources to extra gain its liquid staking protocol, add high abilities to the crew and onboard decentralized finance (DeFi) enthusiasts to its platform,” per a press liberate. 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 “total worth” or collateral locked in, per DeFiLlama. Asymmetry’s web situation estimates Lido’s share of the staked ether market at 88%.
Asymmetry’s fundamental product is the safETH token, which represents a basket of liquid staking spinoff tokens at the side of Lido’s wstETH, Rocketpool’s rETH, Frax’s frxETH, Stakewise’s sETH2 and Ankr’s ankrETH, per the web situation.
Garland likened the token to an change-traded fund or ETF for liquid staking tokens.
The weighting is currently split evenly, nevertheless per the mission’s white paper the combine would possibly maybe maybe at final be obvious by participants of an “Asymmetry DAO” who place the mission’s ASF tokens.
Edited by Parikshit Mishra.
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Bradley Keoun is the managing editor of CoinDesk’s Tech & Protocols crew. He owns decrease than $1,000 every of a lot of cryptocurrencies.
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