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

The crypto project’s safETH token represents a basket of liquid staking tokens from Lido, Rocketpool and Frax.

AccessTimeIconMay 16, 2023 at 1:00 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

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

The company will “use the resources to further develop its liquid staking protocol, add top talent to the team and onboard decentralized finance (DeFi) enthusiasts to its platform,” according to a press release. The project is led by co-founders Justin Garland and Hannah Hamilton.

The market for liquid staking derivatives is dominated by Lido, which has about $12.4 billion of “total value” or collateral locked in, according to DeFiLlama. Asymmetry’s website estimates Lido’s share of the staked ether market at 88%.

Asymmetry’s main product is the safETH token, which represents a basket of liquid staking derivative tokens including Lido’s wstETH, Rocketpool’s rETH, Frax’s frxETH, Stakewise's sETH2 and Ankr's ankrETH, according to the website.

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

The weighting is currently split evenly, but according to the project’s white paper the mix could eventually be determined by members of an “Asymmetry DAO” who hold the project’s ASF tokens.

Edited by Parikshit Mishra.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Bradley Keoun

Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.