Maverick Protocol, a provider of decentralized finance (DeFi) infrastructure, has completed a funding round, raising $9 million. The financing was led by The Founders, an American venture capital firm. It has also been backed by other notable VCs such as Binance Labs, Coinbase Venture, Pantera Capital, and Apollo Crypto.
Maverick’s Protocol for Focusing on Liquid Staking
according to press release Deployed earlier today, the Maverick protocol remains focused on making DeFi markets more efficient.
To this end, the 10-man team behind the decentralized platform will direct its newly acquired capital to develop an enhanced Liquid Storage Token (LST) infrastructure while providing solutions to existing problems of the cross-chain liquidity system.
Furthermore, the Maverick protocol will seek to integrate with new chains while providing developers with the tools to maximize its infrastructure. In addition, the DeFi platform plans to participate in more projects, thus expanding its ecosystem.
Maverick has already been integrated with some of the top DeFi projects, including Frax Finance, Rocket Pool, Swell, and the largest DeFi protocol – Lido Finance.
“We built Maverick to provide the critical market infrastructure needed to eliminate the inefficiencies of DeFi and help the industry grow to new heights.” Maverick Protocol co-founder Alvin Shaw said while commenting on the fundraiser
he added:
In a very short period, we have delivered consistently strong capital efficiency to liquidity providers and equipped token projects with new incentive tools to build liquidity with precisely targeted rewards. This fundraising enables us to continue building towards our mission of creating a stronger and more efficient DeFi ecosystem for everyone.
However, Maverick’s latest funding round follows a strategic fundraising event in February 2022 in which the crypto company raised $8 million as it prepares to launch its mainnet in mid-2022.
Ultimately, Maverick was launched in March 2023 with a decentralized exchange known as the unique Automated Market Maker (AMM) system.
Maverick's Native Token MAV Trading At $3.2 | Source: MAVUSDT Chart On Tradingview.com
revolutionary dissident AMM
Maverick is powered by the “revolutionary” AMM model, which brings the concept of “Directional LPing” to DeFi. Centered around capital efficiency, “Directional LPing” allows liquidity providers to demonstrate higher control over their investments and combat problems such as impermanent losses.
Maverick liquidity providers are allowed to choose the direction they think the price of the tokens they hold is likely to go and are rewarded with more trading fees if their choices are correct.
However, while the Maverick protocol hasn’t been in operation for long, it has done admirably, accumulating TVL’s total value of $37.78 million in four months, according to data from analytics site Divi. devilama.
Additionally, Maverick is ranked as the 8th largest DeFi protocol on the Ethereum blockchain and the 31st largest project in the DeFi space based on TVL.
Featured image: TechCrunch, chart from TradingView.