unshETH, a decentralized finance protocol aiming to reinvent the burgeoning liquid staking industry, has closed its $3.3 million seed investment round which saw significant investment from Soma Capital, MH Ventures, and ICONIQ Capital.

unshETH has developed a novel DeFi primitive that fosters competition among ETH liquid staking protocols to promote validator decentralization, with the ultimate goal of delivering an unparalleled ETH staking experience to millions of users worldwide. 

The protocol introduces the concept of unshETH Ether, an innovative ERC-20 token that represents a diversified liquid staked ETH basket, allowing users to enjoy the benefits of Ethereum staking rewards and swap fees generated by the unshETH vdAMM within a single token.

The proceeds from this most recent raise will be used to accelerate unshETH’s development efforts, with the end goal of providing users with an unmatched liquid staking experience.

A list of investors that participated in unshETH’s seed round:

• MH Ventures
• Soma Capital
• ICONIQ Capital
• EFENT
• 922 Capital
• Electric Ant
• Backend Capital
• The LAO
• Fan Zhang (Sequoia China)
• Epakon
• Ross Lipson
• Marty Hu
• Kevin Li (Goldsky)
• Jai Prasad
• Ejaaz Alhamadeen
• 300DAO

What is unshETH?

UnshETH is a cutting-edge DeFi protocol that promotes validator decentralization and delivers the best Ethereum staking experience for millions of users. The protocol introduces the revolutionary unshETH Ether token, a diversified liquid staked ETH basket that earns Ethereum staking rewards and swap fees generated by the unshETH vdAMM, encapsulated within a single ERC-20 token. UnshETH Ether is also an Omnichain token, ensuring seamless transfers across ETH Mainnet, BNB Chain, and Arbitrum via LayerZero.