unshETH Protocol Announces $3.3 M Fundraise
The funding round raised $3.3 million, attracting significant investment from leading venture capital firms Soma Capital and ICONIQ Capital, along with several other prominent investors.
San Francisco, California, Aug. 07, 2023 (GLOBE NEWSWIRE) — unshETH, a DeFi protocol that aims to reshape the landscape of Ethereum staking has raised a seed round. The funding round raised $3.3 million, attracting significant investment from leading venture capital firms Soma Capital and ICONIQ Capital, along with several other prominent investors.
UnshETH presents a novel DeFi primitive that fosters competition among ETH liquid staking protocols to promote validator decentralization, with the ultimate goal of delivering an unparalleled ETH staking experience to millions of users worldwide. The protocol introduces the concept of unshETH Ether, an innovative ERC-20 token that represents a diversified liquid staked ETH basket, allowing users to enjoy the benefits of Ethereum staking rewards and swap fees generated by the unshETH vdAMM within a single token.
One of the key features that sets unshETH apart is its status as an Omnichain token, enabling seamless transfers across various blockchains, including ETH Mainnet, BNB Chain, and Arbitrum via Stargate with plans to expand to additional chains in the near future.This flexibility enhances accessibility and usability, providing users with unprecedented control over their assets.
unshETH recently announced Project Sentience as well. Project Sentience aims to establish a decentralized, open-source Liquid Staking Token (LST) for the DeFi community. By fostering collaboration and sharing technology across LSTs, Project Sentience seeks to improve decentralization at both protocol and infrastructure levels. This initiative will introduce powerful public goods, including a seamless configuration for LSTs and a comprehensive Liquidity Bootstrapping Kit, driving innovation and accessibility in the DeFi landscape.
The successful funding round saw participation from leading venture capital funds and angels who recognize the immense potential of unshETH in revolutionizing the DeFi ecosystem. The two largest investments came from Soma Capital and ICONIQ Capital, underscoring the protocol’s strong appeal to institutional investors.
The list of investors in the unshETH funding round includes:
- Soma Capital
- ICONIQ Capital
- 922 Capital
- Electric Ant
- Backend Capital
- The LAO
- Fan Zhang (Sequoia China)
- Ross Lipson
- Marty Hu
- Kevin Li (Goldsky)
- Jai Prasad
- Ejaaz Alhamadeen
- MH Ventures
The unshETH contributors are dedicated to advancing the protocol’s capabilities, with a strong focus on security, transparency, and usability. The funding will be used to accelerate development efforts and expand the protocol’s features to deliver an unmatched liquid staking experience.
About unshETH: UnshETH is a cutting-edge DeFi protocol that promotes validator decentralization and delivers the best Ethereum staking experience for millions of users. The protocol introduces the revolutionary unshETH Ether token, a diversified liquid staked ETH basket that earns Ethereum staking rewards and swap fees generated by the unshETH vdAMM, encapsulated within a single ERC-20 token. UnshETH Ether is also an Omnichain token, ensuring seamless transfers across ETH Mainnet, BNB Chain, and Arbitrum via LayerZero
Disclaimer : There is no offer to sell, no solicitation of an offer to buy, and no recommendation of any security or any other product or service in this article. This is not investment advice. Please do your own research.
For media inquiries, please contact:
Company Name: UnshETH
Contact Person: Hippolyta Head of Marketing
Company Website: https://unsheth.xyz/
Company Email: [email protected]
Location: San Francisco, California
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