Asymmetry, ‘ETF’ for Liquid Staking Tokens, Raises $3M Round From Ecco Capital, Ankr and Others

Bradley Keoun is the managing editor of CoinDesk’s Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.

Asymmetry Finance, a protocol for liquid staking derivatives, raised $3 million from Ecco Capital, Republic Capital, GMJP and Ankr, as part of its growth plan, the firm said on Tuesday.

The company will “use the resources to further develop its liquid staking protocol, add top talent to the team and onboard decentralized finance (DeFi) enthusiasts to its platform,” according to a press release. The project is led by co-founders Justin Garland and Hannah Hamilton.

The market for liquid staking derivatives is dominated by Lido, which has about $12.4 billion of “total value” or collateral locked in, according to DeFiLlama. Asymmetry’s website estimates Lido’s share of the staked ether market at 88%.

Asymmetry’s main product is the safETH token, which represents a basket of liquid staking derivative tokens including Lido’s wstETH, Rocketpool’s rETH, Frax’s frxETH, Stakewise’s sETH2 and Ankr’s ankrETH, according to the website.

Garland likened the token to an exchange-traded fund or ETF for liquid staking tokens.

The weighting is currently split evenly, but according to the project’s white paper the mix could eventually be determined by members of an “Asymmetry DAO” who hold the project’s ASF tokens.

Edited by Parikshit Mishra.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

Bradley Keoun is the managing editor of CoinDesk’s Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.


Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Bradley Keoun is the managing editor of CoinDesk’s Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.

https://www.coindesk.com/tech/2023/05/16/asymmetry-etf-for-liquid-staking-tokens-raises-3m-round-from-ecco-capital-ankr-and-others/?utm_medium=referral&utm_source=rss&utm_campaign=headlines

The post Asymmetry, ‘ETF’ for Liquid Staking Tokens, Raises $3M Round From Ecco Capital, Ankr and Others appeared first on BTC Ethereum Crypto Currency Blog.