Tenderize Raises €2.9M to Unlock the Full Value of Assets Encapsulated in Web3 Protocols

Tenderize co-founders Reuben Rodrigues (left) and Livepeer’s Yahya (right) at EthCC 5 | Photo credit: Tenderize

London-based Tenderize, a staking derivatives protocol, announced on Thursday that it had raised $3 million (about €2.9 million) in its seed funding round. The investment was led by Eden Block, a venture house dedicated to enabling a new digital future with blockchain.

Other investors also joined the round, including TRGC, Encode Club, Figment, Daedalus Angels and other angels from Messari, Livepeer, and Steakwallet.

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What does Tenderize offer?

Tenderize helps users deploy their crypto in a flexible model, earn staking rewards as TenderTokens and still leverage capital in DeFi to benefit from multiple use cases. The company was built for individuals and web 3 protocols looking to maximize their holdings and efficiently allocate capital across DeFi to grow their revenue.

The company makes this possible by issuing ERC20-based derivatives, TenderTokens, which are tied 1:1 to users’ staked assets. Derivatives allow one to enjoy staking rewards while having full flexibility to expand crypto opportunities by providing liquidity or yield farming.

The company is working on both front-end integrations (wallets, analytics platforms, etc.) and back-end integrations (tokens, custodial staking partners, exchanges) to show the user base a better way to stake.

Additionally, users can also redeem their earned TenderTokens back to the original crypto asset they staked, with no withdrawal deadlines required.

Nico Vergauwen, Co-Founder of Tenderize, says: “The team’s previous experience on projects such as Livepeer, Pocket Network and Yearn gave us insight into the growing need for a better staking experience for web3 protocols. For the longest time, users had to choose between liquidity and staking rewards/securing their network. With Tenderize Liquid Staking, users have both.”

Tenderize currently supports The Graph, Polygon, Livepeer and Audius, with support for the user’s preferred protocol coming soon.

What’s in the future?

According to the company, the ultimate goal is to enable permissionless liquid staking, which they see as a solution to problems currently plaguing liquid staking systems (unpegging, centralization, cartelization, etc.). Any node operator and their delegators could integrate with Tenderize without gatekeeping; The neutral stance ensures they add as much value as possible to any project that wants to empower its users – without sacrificing decentralization.

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