Pantera, Jump Crypto, Circle, and Gemini backing Maverick Protocol’s $8 Million Strategic Round
UPDATE 4/22/22: Since this announcement, Maverick has decided to launch a spot swap market using its innovative AMM technology, before moving to vAMM support for derivatives. For more information on the latest developments at Maverick, you can read our updated Litepaper and our deep dive into the newest version of Maverick AMM.
February 15, San Francisco — Maverick, an innovative DeFi infrastructure, announces $8 million in funding from leading investors to bring its groundbreaking ALP (Automated Liquidity Placement) technology and open asset-listing model to market. The protocol has also secured strategic partnerships with liquidity providers to support its mission to revolutionize how users trade and stake in DeFi.
Maverick Protocol is proud to announce its $8 million strategic fundraising round, led by Pantera Capital. Other investors include Altonomy, Circle Ventures, CMT Digital, Coral DeFi, Gemini Frontier Fund, GoldenTree Asset Management, Jump Crypto, LedgerPrime, Spartan Group, Taureon, and Tron Foundation. The funding will help Maverick to launch its mainnet product in mid-2022 and scale its protocol by rapidly growing its core machine learning and business team.
“Maverick is poised to capture a significant chunk of the market.” — Joey Krug, Pantera Capital
Maverick’s mission is to expand the reach of DeFi through a more inclusive approach to crypto asset listing. Currently, it is difficult for users to trade mid-cap tokens on decentralized markets, even on nominally permissionless trading protocols: decentralized derivatives exchanges are limited to 30 trading pairs or fewer, compared to the hundreds of pairs available on centralized exchanges.
Since derivatives account for more than 50% of daily crypto trading volume, the opportunity for a derivatives DEX that allows open listing is enormous.
Maverick is targeting this greenfield by utilizing a protocol to open listings to any trading pair, while allowing users to use any ERC20 token as collateral. Tapping into this underutilized liquidity can bring new market opportunities to liquidity providers and traders globally.
Maverick also promises industry-leading pricing through its proprietary Automated Liquidity Placement (ALP) AMM, an innovative mechanism that automatically positions liquidity more effectively around the market price. The result is greater capital efficiency for liquidity providers and lower slippage for traders.
At the same time, this automation effectively eliminates the need for liquidity providers to manage their collateral or pay others to do it for them. In turn, the intrinsically passive nature of staking via Maverick makes it the ideal composable platform for building further exciting DeFi applications in the future.
“DeFi needs someone to answer the demand for derivatives built on the mid-cap and long-tail assets that are underserved by existing exchanges,” Pantera Capital co-CIO Joey Krug commented. “Pantera believes Maverick is the protocol to accomplish this. Its innovative market structure is poised to capture a significant chunk of the market by offering low slippage to traders and low-maintenance, capital-efficient staking to LPs.”
“Maverick is here to change the paradigm.” — Alvin Xu, co-founder
“Being a veteran in the crypto industry, you get to see many trends come and go. One thing that still holds true is a trading platform’s value comes from giving people access to the latest and greatest crypto assets,” adds Maverick’s co-founder, Alvin Xu. “Perpetual markets still lack the ability to quickly list new assets due to the intensive work required to spin up a sustainable market. With Maverick, we are here to change that paradigm by leveraging ALP (Automated Liquidity Placement). Markets can now be created by the community with way less capital, but still offer a great experience to traders.”
About Maverick
Maverick Protocol is the new infrastructure for decentralized finance, built to facilitate the most liquid markets for traders, liquidity providers, DAO treasuries, and developers, powered by a revolutionary Automated Market Maker (AMM).
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