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Crypto Daily 2023-06-26 07:00:00

Maverick Protocol Secures $9m, Binance and Coinbase Among Backers

DeFi infrastructure startup Maverick Protocol has raised an estimated $9 million from a funding round. Among its investors are Pantera Capital, Binance, Coinbase, and Apollo Crypto. In its page on Medium, the startup said that the latest funding round is aimed at expanding its ecosystem and build more efficient Liquid Staking Token (LST) Infrastructure, enable deployment to other chains, and subsequently attract new players and projects to its ecosystem. Understanding Maverick's Liquid Staking Token Infrastructure Maverick Protocol, a DeFi infrastructure startup, has shown considerable potential in its aim to revolutionize the decentralized finance landscape. One of the critical aspects of its infrastructure that the firm plans to enhance is its Liquid Staking Token (LST) Infrastructure. Liquid staking represents an innovative approach within the blockchain and DeFi space. Traditionally, staking involves participants locking up their cryptocurrencies to support operations such as block validation on a proof-of-stake (PoS) blockchain. In return, stakers receive rewards. However, staked tokens often remain locked and inactive, reducing their utility within the wider crypto ecosystem. This is where liquid staking comes into play. It allows users to stake their tokens and still maintain their liquidity. In essence, when users stake their tokens, they receive a representative token in return. This representative or 'liquid' token can be freely traded, providing the holder with liquidity while the original tokens remain staked. By prioritizing an efficient LST infrastructure, Maverick is aiming to optimize capital efficiency. This infrastructure could enable the deployment of its services to other chains, broadening Maverick's ecosystem and attracting new players and projects. Maverick’s Steps Towards Improving DeFi Infrastructure The second phase was the introduction of Boosted Positions just last May which it defined as a “set of incentivization tools for token projects hat provided token projects with greater control over liquidity.” Its latest phase, introduced just a day ago, unveiled its own voting-escrow (ve) model that enable voting on liquidity positions through its own MAV token. Last March, Maverick also launched its own exchange which, as of writing, has amassed $40.9 million in total value locked, according to aggregated blockchain data from CoinMarketCap. The protocol was also recently introduced alongside the Binance Launchpool program. Maverick has been steadily charting its own course in improving DeFi infrastructure and it remains optimistic for its future. “Down the road, Maverick will also announce more ecosystem partners and explore more cross-chain opportunities to enable market efficiency across the whole industry," the firm said. 'Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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