Cryptocurrency staking management startup Stader Labs has raised $12.5 Mn in a private sale led by Three Arrows Capital, it also saw participation from Blockchain.com, Accomplice, DACM, GoldenTree Asset Management, Accel, Amber, 4RC, Figment and angel investors like Prabhakar Reddy (FalconX) and Matt Cantieri (Anchor Protocol).
Founded in April 2021 by Amitej Gajjala And Sidhartha Doddipalli, Stader is a non-custodial smart contract-based staking platform that claims to help retail investors and institutions discover and access staking solutions, its modular smart contracts and staking middleware infrastructure for PoS (proof-of-stake) networks can be leveraged by retail users, exchanges, custodians and mainstream fintech players. In essence, it wants to build “staking lego blocks” that can be the infrastructure middle layer that allows anyone to build a staking related product.
“Since launching in November 2021, there are over 15,000 unique wallets staking over 5.9 million LUNA with a total value locked of around $500 Mn. These numbers underscore both Stader’s early traction and the broader market opportunity in staking infrastructure,” said Kyle Davies of Three Arrows Capital.
A press release claimed that the private sale has increased its valuation to $450 Mn. The market cap of a token network is calculated by multiplying the number of tokens in circulation by the current market price of the token
“There are no coins in circulation and therefore we can’t really calculate the current market cap of the network. In 40 days, when tokens are issued and they are in circulation, we would be able to arrive at that number,” said Amitej Gajjala when asked about the current market cap of the network.