King Protocol raises $2M in strategic funding to simplify DeFi rewards distribution
King Protocol (formerly LRT²) has closed a strategic funding round with backing from industry leaders including Arthur Hayes, Justin Sun, Marc Zeller, EtherFi, Kelp, EigenPie, Swell, and several other prominent DeFi players.
So far, King Protocol has partnered with more than 75% of the Ethereum Liquid Restaking market in order to unify and standardize the process of multi-asset rewards distribution.
The mechanism is simple: protocols (such as LRTs) deposit tranches of whitelisted rewards into the King Protocol vault, receiving a corresponding amount of KING tokens based on the total value of their deposits.
Rather than users having to expensively claim multiple rewards in fractional amounts, they’ll now claim KING: a unified token that represents a piece of the reward basket. If ...