ETH Asymmetry liquid staking protocol raises $3M

Ankr and Ecco Capital have invested in Asymmetry Financea new DeFi protocol which wishes to promote the decentralization of the ecosystem of Ethereum liquid staking.

This Tuesday, Asymmetry Finance announced a fundraising of 3 million dollars propelling its valuation to 20 million dollars.

While the ETH liquid staking market is now centralized with the vast majority of staked tokens on Lido Finance, Asymmetry finds that this dependency creates “a point of failure” and “significant vulnerabilities” in terms of security.

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The decentralized finance protocol thus offers a liquid staking solution that promotes the decentralizationwhile offering optimal capital efficiency.

Substantial centralization not only inherently conflicts with the core principles of DeFi, but also has potential ripple effects throughout the ecosystem. Asymmetry’s vision is not to directly challenge Lido or Rocketpool, but to advance the core principles of decentralization on the Ethereum network and offer a new alternative,” explained Hannah Hamilton, the project’s co-founder.

The protocol token, Simple Asymmetry Finance Ethereum (safeETH)is based on a “decentralized basket of assets” and aims to provide a “consistent return in a safe and efficient manner,” according to a statement.

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Asymmetry’s funding round attracted several investment firms including. Ecco Capital and Republic Capital. The infrastructure startup Web3 Ankr has also put its hand in the pot. The capital raised will allow the project to hire to accelerate the development of its protocol.

“We partnered with Asymmetry Finance because of their commitment to Decentralize the Ethereum liquid staking ecosystem.. The team continues to take important steps in its roadmap and aims to create the best tools for retail users and institutions,” said Daniel Abrahamian, CIO of Ecco Capital.

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