Asymmetry Finance, a protocol for liquid staking derivatives, raised $3 million from Ecco Capital, Republic Capital, GMJP and Ankr, as a part of its progress plan, the agency stated on Tuesday.
The firm will “use the sources to additional develop its liquid staking protocol, add prime expertise to the group and onboard decentralized finance (DeFi) fans to its platform,” based on 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 “complete worth” or collateral locked in, based on DeFiLlama. Asymmetry’s web site estimates Lido’s share of the staked ether market at 88%.
Asymmetry’s foremost 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, based on the web site.
Garland likened the token to an exchange-traded fund or ETF for liquid staking tokens.
The weighting is presently break up evenly, however based on the mission’s white paper the combination may finally be decided by members of an “Asymmetry DAO” who maintain the mission’s ASF tokens.
Edited by Parikshit Mishra.