Today, the investment division revealed its acquisition of an undisclosed volume of Rocket Pool's native token, RPL, which surged by over 9% in the previous 24 hours.
The funding round attracted substantial investments from prominent entities, including Pantera Capital, Binance Labs, Coinbase Ventures, and Apollo Crypto.
The R stablecoin derives its value from a single crypto asset, specifically the staked ether (stETH) provided by Lido, a prominent leader in liquid staking.
According to crypto analysts, investors are moving away from centralized exchange giants and opting for decentralized alternatives to stake their ETH holdings due to regulatory concerns and the desire for greater rewards.
While the total value locked (TVL) in decentralized finance (defi) is hovering just above the $214 billion level, a defi protocol known as Lido has been creeping closer to overtaking Curve as the protocol with the most TVL in a defi protocol, according to Blockstream. In addition to Ethereum, Solana, Terra, Polygon, and Kusama blockchain networks, the liquid staking solution Lido currently has $19.2 billion in staking assets sourced from five different blockchain networks, including Ethereum, Solana, Terra, Polygon, and Kusama.