Maverick Protocol, a provider of DeFi infrastructure aiming to augment industry efficiency, has recently announced a successful fundraising endeavour.
The $9m investment, led by the well-regarded venture capital firm Founders Fund, has seen contributions from other notable entities such as Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.
The company’s core objective is to bring about significant efficiency improvements within the DeFi markets. The newly acquired funding will be channelled towards expanding this mission. Maverick Protocol has specified that it will focus on building a more efficient Liquid Staking Token (LST) infrastructure and rectifying cross-chain liquidity inefficiencies. It also aims to leverage the new capital to scale the protocol to new chains, provide support for developers constructing on its infrastructure, and attract more projects to its expanding ecosystem.
Maverick Protocol’s co-founder Alvin Xu stated, “We founded Maverick to provide the critical market infrastructure required to eliminate inefficiencies from DeFi and help the industry grow to new highs. 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 incentivisation tools to build liquidity using precisely targeted rewards. This fundraise enables us to continue building towards our mission of making a stronger, more efficient DeFi ecosystem for everyone.”
Maverick Protocol, which was launched in March 2023, boasts of its DEX, an innovative Automated Market Maker (AMM) that has enhanced capital efficiency for liquidity providers, placing it far ahead of its competitors. The platform has since garnered notable achievements, including ranking among the top three DEXs on Ethereum and attaining the top spot on zkSync Era by volume. It has secured over $37m in total value locked (TVL), supported $2B in on-chain volume, and achieved a capital efficiency rate of up to 374%. Maverick Protocol has also integrated with projects like Lido, Frax, Liquity, cbETH, Rocket Pool, and Swell.
Further, Maverick introduced ‘Boosted Positions’, a sophisticated set of incentivisation tools that empower token projects with more control over liquidity. This feature reduces wasted incentives and maximises value from reward programmes.
Joey Krug, Partner at Founders Fund, praised Maverick Protocol’s efforts, saying, “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 decentralised finance will push the entire industry forward.”
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