- Maverick Protocol has raised $9 million in a funding round led by Founders Fund and supported by prominent venture capital firms.
- The company plans to improve its Liquid Staking Token (LST) infrastructure and address liquidity issues in its cross-chain system.
- Maverick aims to integrate with new chains, expand its ecosystem through partnerships, and continue building a stronger and more efficient DeFi ecosystem for users.
Decentralized Finance (DeFi) infrastructure provider Maverick Protocol has closed a $9 million funding round. Founders Fund, an American venture capital firm, led the funding. Other prominent Venture Capitalists (VC) firms such as Coinbase Venture, Binance Labs, Pantera Capital, and Apollo Crypto also supported it.
Maverick Protocol Will Concentrate on Liquid Staking
According to a press release issued on Wednesday, Maverick Protocol remains committed to improving the efficiency of the DeFi markets.
To attain this goal, the decentralized platform’splatform’s 10-man team will use its newly acquired capital to improve the Liquid Staking Token (LST) infrastructure while providing solutions to the current problems with its cross-chain liquidity system.
In addition, Maverick Protocol will seek to integrate with new chains while providing developers with the tools needed to maximize its infrastructure. Furthermore, the DeFi platform intends to collaborate with more projects, thereby expanding its ecosystem.
Maverick has already been integrated with some of the most prominent DeFi projects, including Frax Finance, Rocket Pool, Swell, and the largest DeFi protocol, Lido Finance.
While commenting on the fundraising campaign, Alvin Xu, Co-Founder of Maverick Protocol, stated, “We founded Maverick to provide the critical market infrastructure required to eliminate inefficiencies from DeFi and help the industry grow to new highs.”
He further stated, “In a very short period, we’ve delivered consistently strong capital efficiency to liquidity providers and equipped token projects with new incentivization tools to build liquidity using precisely targeted rewards. This fundraising enables us to continue building towards our mission of making a stronger, more efficient DeFi ecosystem for everyone.”
However, Maverick’s latest funding round follows a strategic fundraising event in February 2022, during which the crypto firm raised $8 million in preparation for its mainnet launch in mid-2022.
Maverick was eventually launched in March 2023 with its decentralized exchange known for its unique Automated Market Maker (AMM) system.
Maverick’s Revolutionary AMM
Maverick is powered by a “revolutionary” AMM model that introduces “Directional LPing” to DeFi. “Directional LPing,” which is centered on capital efficiency, enables liquidity providers to exert greater control over their investments and combat issues such as impermanent losses.
Liquidity providers on Maverick can choose which direction they believe the price of the tokens they hold will go and are rewarded with higher trading fees if their predictions are correct.
While the Maverick Protocol has only been in operation for four months, it has already amassed a total TVL value of $37.78 million, according to data from the defi analytics site Defillama. Furthermore, based on TVL, Maverick is the 8th largest DeFi protocol on the Ethereum blockchain and the 31st largest project in the DeFi space.
