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

The crypto project’s safETH token represents a basket of liquid staking tokens from Lido, Rocketpool and Frax.

The Asymmetry safETH token represents a basket of liquid staking derivatives. (Bartolomeo Cavarozzi/Metropolitan Art Museum, modified by CoinDesk)
The Asymmetry safETH token represents a basket of liquid staking derivatives. (Bartolomeo Cavarozzi/Metropolitan Art Museum, modified by CoinDesk)

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.

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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.

Bradley Keoun

Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.

Bradley Keoun