3 years ago

Tenderize Secures $3 Million in Seed Funding to Expand Staking Derivatives Protocol

  • Tenderize, a London-based startup building a staking derivatives protocol, has raised $3 million in seed funding

  • The round was led by Eden Block with participation from TRGC, Encode Club, Figment, Daedalus Angels, and other angels from Messari, Livepeer, and Steakwallet

  • Tenderize's protocol enables users to unlock liquidity, collateralize loans and trade tokens, while maintaining a staked position represented by an ERC20 token

  • The company is currently supporting The Graph, Polygon, Livepeer, and Audius, with support for other protocols coming soon.

      • ProblemTechnology

      "Traditionally, users who stake their crypto assets are locked into their position and unable to use them for other purposes, like collateralizing loans or trading. This limits the utility of staked assets and discourages participation in Proof-of-Stake (PoS) networks."

      Solution

      "Tenderize solves this by creating staking derivatives that allow users to unlock liquidity from their staked assets. This means they can use their staked assets as collateral for loans, trade them on exchanges, and access other DeFi services without having to unstake their crypto. This increases the utility of staked assets and encourages greater participation in PoS networks."

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