blockchainreporter.net
OKX Ventures, a prominent figure in the cryptocurrency investment sector, has recently announced its strategic investment in StakeStone. It is an emerging omnichain liquidity distribution network. This investment marks a significant milestone in the evolution of liquidity infrastructure within the cryptocurrency ecosystem. Earlier, OKX announced a partnership with Galaxe.
We are happy to announce the strategic partnership with @Stake_Stone !#Stakestone focuses on establishing STONE as the standard for #omnichain liquidity assets and building a liquidity market for the application layer.https://t.co/5vAnKofwZr#Restaking pic.twitter.com/tVXA912isi
— OKX Ventures (@OKX_Ventures) March 26, 2024
StakeStone Aims to Establish STONE as Standard for Omnichain Liquidity
StakeStone’s primary objective revolves around establishing STONE as the standard for omnichain liquidity assets. However, it creates a robust liquidity market tailored for the application layer of blockchain networks. To achieve this, StakeStone continuously integrates emerging underlying assets. These assets include ETH staking, restaking, and innovative yield sources within the consensus layer.
StakeStone has achieved notable milestones, with a total of 342,704 ETH locked. It also translated to a Total Value Locked (TVL) of approximately $1.2 billion. This demonstrates the growing demand for liquidity solutions within the cryptocurrency space.
Dora Yue, the founder of OKX Ventures, provided insights into the rationale behind the investment. It highlights the increasing demand for ETH liquidity amidst the expansion of validator stakes and the emergence of new chains and ecosystems. Yue emphasized StakeStone’s compatibility with various restaking strategies. He positions it as a solution to the challenges faced by Layer2s due to the high cost associated with staking ETH.
StakeStone Poised for 100x Surge in TVL by 2024
They are confident in StakeStone’s ability to drive a 100x surge in TVL by the early stages of 2024, remarked Yue. She further elaborated on StakeStone’s collaborative efforts with Manta Networks and emerging Bitcoin Layer 2 solutions. They inlcude B² Network, Merlin Chain, and BounceBit. These collaborations are expected to empower StakeStone’s community. They will yield additional benefits across over 25 chains by 2024.
The company believes that StakeStone’s innovative approach to liquidity distribution has potential. It will reshape the cryptocurrency ecosystem and drive further adoption of decentralized finance solutions. Through its collaboration with industry partners, StakeStone will play a significant role in shaping the future of decentralized finance.
Lastly, OKX Ventures’ investment in StakeStone represents a significant step forward in the advancement of omnichain liquidity infrastructure. StakeStone is at the forefront of innovation, with OKX Ventures’ support. In this way, the cryptocurrency ecosystem is important for accelerating growth and widespread adoption of decentralized finance solutions in the coming years.