SINGAPORE, March 28, 2024 /PRNewswire/ — OKX Ventures, the investment arm of leading Web3 technology company OKX, has issued updates for March 29, 2024.
OKX Ventures Announces Investment in StakeStone, an Omni-Chain Liquidity Distribution Network
OKX Ventures today announced its investment in StakeStone, an omni-chain liquidity distribution network. Stakestone focuses on establishing STONE as the standard for omnichain liquidity assets and advancing its use cases on various chains.
By wrapping ETH staking and potential bluechip restaking rewards into STONE and distributing them to the application layer of various ecosystems. Currently, there are a total of 342,704 ETH locked on the network, and a total value locked (TVL) of approximately US$1.2 billion on Stakestone. StakeStone is also exploring STONE BTC to integrate BTC liquidity into its distribution network.
OKX Ventures Founder Dora Yue said: “Today, there are over 900,000 validator stakes. The rise of new chains and ecosystems is driving a growing demand for ETH liquidity. However, Layer 2s face the challenge of high staking costs for ETH. This is where StakeStone comes in, offering compatibility with various restaking strategies. We’ve witnessed Stakestone’s 100x surge in TVL at the beginning of 2024; the network also bootstrapped with the Manta Network and emerging Bitcoin Layer 2s, including B² Network, Merlin Chain and BounceBit, among others. The StakeStone community could yield extra rewards on over 25 chains in 2024. This will involve exploring strategies with DEXs, market makers, lendings, Collateralized Debt Positions (CDP – Stablecoin), derivatives, and even GameFi. OKX Ventures has always advocated for innovative yet secure use-cases in DeFi, which can pave the way for the growth of the chains.”
About OKX Ventures
OKX Ventures is the investment arm of global leading crypto exchange and Web3 technology company OKX, with an initial capital commitment of USD100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.
Through its commitment to supporting entrepreneurs who contribute to the development of the blockchain industry, OKX Ventures helps build innovative companies and brings global resources and historical experience to blockchain projects.
Find out more about OKX Ventures here.
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SOURCE OKX Ventures
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