Peter Thiel's Founders Fund returns to the cryptocurrency market, leading a $9 million strategic round for Maverick Protocol.

Source: Maverick Protocol

After many years, Peter Thiel, the founder of Paypal and an angel investor in ChatGPT and Facebook, has returned to the cryptocurrency market through his investment firm, Founders Fund. They led a $9 million strategic round for Maverick Protocol, a leading DeFi infrastructure provider, making it their first project since returning to the market.

On June 21, 2023, Maverick Protocol, a leading DeFi AMM supplier, completed a strategic round of financing worth $9 million to establish a more efficient DeFi infrastructure. The round was led by Founders Fund, with participation from Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.

What is Maverick Protocol?

Maverick Protocol is a decentralized finance (DeFi) infrastructure that aims to bring higher market efficiency to the entire DeFi industry.

In March 2023, Maverick Protocol launched its DEX product on the Ethereum mainnet, with its pioneering dynamic distribution AMM as the core technology, providing liquidity providers (LPs) with tools to achieve higher capital efficiency. According to DeFillama's data, since its launch, the protocol has ranked among the top 3 DEXs on Ethereum in terms of trading volume, as well as the number 1 DEX in the zkSync Era, achieving up to 374% active capital or "capital efficiency". At the same time, Maverick has integrated with leading LST projects such as Lido, Frax, Liquity, cbETH, Rocket Pool, and Swell, and has quickly dominated the AMM market of LST with a market share of over 35% of the entire LST market trading volume.

After only two months of going live, the platform quickly launched 'Boosted Positions (BP)', a set of "surgical" precise and efficient liquidity incentive tools, providing Token projects and DAO treasuries with more precise control over liquidity, greatly reducing the waste of rewards and maximizing the efficiency of incentivizing liquidity. Currently, LST-Fi projects including Rocket Pool, Frax, Swell, Gravita, etc. have started using Maverick BP to incentivize community liquidity.

We founded Maverick to provide the critical market infrastructure needed to eliminate the inefficiencies of DeFi and help the industry reach new heights," said Alvin Xu, founding member of the Maverick protocol. "In a short amount of time, we have already provided consistently strong capital efficiency levels for liquidity providers and equipped token projects with new incentive tools, using extremely precise incentive tools to 'sculpt liquidity'. This funding allows us to continue moving forward with our mission of building a stronger, more efficient DeFi ecosystem for everyone.

Founders Fund

Founders Fund is a venture capital fund with $11 billion in assets under management, whose portfolio includes Airbnb, Lyft, Spotify, Stripe, and Oscar Health. Founders Fund was the first institutional investor in SpaceX and Palantir Technologies, and one of the earliest investors in Facebook. The company's partners, including Peter Thiel, Ken Howery, and Brian Singerman, were all founders, early employees, and investors in companies such as PayPal, Google, Palantir Technologies, and SpaceX.

Maverick has quickly established itself as a leader in the industry, becoming the LST Token trading center while providing liquidity providers with the potential to achieve greater capital efficiency. 'The project's surgically precise approach to DeFi development,' says Joey Krug, a partner at Founders Fund, 'will drive the development of the entire industry.'

Maverick's strategic financing significance

This round of strategic financing will help Maverick further expand its ecosystem. The project will focus on establishing a more efficient Liquid Staking Token (LST) infrastructure and addressing the problem of low cross-chain liquidity. The new funds will also be used to expand the protocol's scale, deploy on new chains, support ecosystem developers to build on its infrastructure, and attract more projects to join its growing ecosystem.

Previously, Maverick has completed seed round financing in 2021 and strategic financing in 2022. The project's previous investment institutions include Pantera, Jump, Circle Ventures, and Gemini.

Maverick Protocol has announced its Token launch plan, with its Token MAV primarily used for community governance and platform incentive voting, playing a crucial role in its next LST-FI strategic layout. At the same time, MAV is also participating in the Binance LaunchPool staking program, where users can stake TUSD and BNB to earn MAV rewards.

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