Maverick Protocol, a decentralized finance (DeFi) infrastructure provider, raised $9M in funding.
The round was led by Founders Fund, with support from other firms including Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.
The company intends to use the funds to focus on building more efficient Liquid Staking Token (LST) infrastructure, and solving cross-chain liquidity inefficiencies, scale the protocol to deploy on new chains, support developers to build on its infrastructure, and attract more projects to its growing ecosystem.
Launched in March 2023 by Alvin Xu, Maverick Protocol works with a native automated market maker (AMM) that enabled liquidity providers (LPs) to achieve higher capital efficiency compared to existing AMMs. Since launch, the protocol has secured more than $37M in total value locked (“TVL”), supporting over $2B in on-chain volume. In that time, the company has also integrated with projects like Lido, Frax, Liquity, cbETH, Rocket Pool, and Swell. The platform also introduced ‘Boosted Positions,’ a set of surgical incentivization tools that provided token projects with greater control over liquidity, reducing wasted incentives and maximizing the value from reward programs.
FinSMEs
22/06/2023