Maverick Protocol, a decentralized finance (DeFi) infrastructure provider, has successfully raised $9 million in a strategic funding round led by Founders Fund. Other notable participants in the financing include Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.
The purpose of this funding is to further enhance the efficiency of DeFi markets. Maverick Protocol plans to focus on building a more efficient Liquid Staking Token (LST) infrastructure and addressing cross-chain liquidity inefficiencies. Additionally, the company aims to expand its protocol to new chains, provide support for developers building on its infrastructure, and attract more projects to its ecosystem.
Alvin Xu, a founding member of Maverick Protocol, stated that the company’s mission is to eliminate inefficiencies from DeFi and contribute to the growth of the industry. The funding will enable the company to continue its efforts towards creating a stronger and more efficient DeFi ecosystem.
Since its launch in March 2023, Maverick Protocol’s DEX has achieved significant milestones. It has been ranked as one of the top three DEX platforms on Ethereum and the number one DEX on zkSync Era in terms of volume. The protocol has locked in over $37 million in total value and supported more than $2 billion in on-chain volume. Additionally, Maverick has integrated with prominent projects like Lido, Frax, Liquity, cbETH, Rocket Pool, and Swell.
Joey Krug, a Partner at Founders Fund, praised Maverick’s approach to decentralized finance and its commitment to capital efficiency for liquidity providers. He believes that the company’s strategic focus will drive the entire industry forward.
This latest funding round follows a seed raise in 2021 and a strategic fundraise in 2022. For more information on Maverick Protocol, visit their website at mav.xyz.