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

Asymmetry Finance, a protocol for liquid staking derivatives, raised $3 million from Ecco Capital, Republic Capital, GMJP and Ankr, as a part of its development plan, the agency stated on Tuesday.

The firm will “use the sources to additional develop its liquid staking protocol, add high expertise to the crew and onboard decentralized finance (DeFi) fanatics to its platform,” in keeping with a press launch. The venture is led by co-founders Justin Garland and Hannah Hamilton.

The marketplace for liquid staking derivatives is dominated by Lido, which has about $12.4 billion of “complete worth” or collateral locked in, in keeping with DeFiLlama. Asymmetry’s web site estimates Lido’s share of the staked ether market at 88%.

Asymmetry’s primary product is the safETH token, which represents a basket of liquid staking spinoff tokens together with Lido’s wstETH, Rocketpool’s rETH, Frax’s frxETH, Stakewise’s sETH2 and Ankr’s ankrETH, in keeping with the web site.

Garland likened the token to an exchange-traded fund or ETF for liquid staking tokens.

The weighting is presently break up evenly, however in keeping with the venture’s white paper the combination may ultimately be decided by members of an “Asymmetry DAO” who maintain the venture’s ASF tokens.