Maverick Protocol Raises $9M in Strategic Funding Round to Build Efficient Liquid Staking Token Infrastructure
In Brief
DeFi infrastructure provider Maverick Protocol has raised $9M in a strategic funding round led by Founders Fund.
The round saw participation from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.
Maverick Protocol will focus on building a more efficient Liquid Staking Token (LST) infrastructure.
DeFi infrastructure provider Maverick Protocol has raised $9M in a strategic funding round led by Founders Fund, with participation from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.
Maverick’s latest fundraise follows a seed raise in 2021 and strategic fundraise in 2022. With the new funding, Maverick Protocol will build a more efficient Liquid Staking Token (LST) infrastructure and solve cross-chain liquidity challenges. The company will also use the funds to scale the protocol, deploy on new chains, support developers to build on its infrastructure, and attract more projects to its growing ecosystem.
“We founded Maverick to provide the critical market infrastructure required to eliminate inefficiencies from DeFi and help the industry grow to new highs,” said Alvin Xu, founding member of Maverick Protocol. “In a very short period of time, we’ve delivered consistently strong levels of capital efficiency to liquidity providers and equipped token projects with new incentivization tools to build liquidity using precisely targeted rewards.”
Launched in March this year with its DEX, Maverick Protocol is powered by a native Automated Market Maker (AMM) that enables liquidity providers to achieve higher capital efficiency than other existing solutions.
According to a press release, the protocol has been ranked as the top 3 DEX on Ethereum and #1 DEX on zkSync Era by volume since its launch. It has also secured more than $37 million in total value locked (“TVL”), supported over $2 billion in on-chain volume, and achieved an active capital or “capital efficiency” rate of up to 374%.
Over the past few months, Maverick has also integrated with other DeFI platforms such as Lido, Frax, Liquity, cbETH, Rocket Pool, and Swell. Subsequently, Maverick Protocol introduced a feature called ‘Boosted Positions.’ These incentivization tools granted token projects greater control over liquidity, reducing wasteful incentives and maximizing the value of reward programs.
“Maverick has quickly established itself as a hub for liquid staking token trading whilst having greater capital efficiency for liquidity providers. The company’s surgical approach to decentralized finance will push the entire industry forward,” said Joey Krug, Partner at Founders Fund.
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About The Author
Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
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Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via cindy@mpost.io with press pitches, announcements and interview opportunities.
