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 they wish to, they can always redeem for their share of the underlying assets.
“We will first solidify KING as the restaking reward standard on Ethereum, then rapidly expand to any network and sector offering multi-asset yield” said Joe Bjornsen, CEO of King Protocol, “This includes everything from Bitcoin and Solana restaking to structured products that distribute yield through multiple assets. Our vision is to simplify and streamline rewards in the emerging, multi-billion-dollar market of economic security through restaking.”
King Protocol is backed by a team with deep expertise in DeFi operations, token economics, risk management and smart contract design. The project is primarily powered by AlphaGrowth, the leading DeFi Ops and growth firm.
King Protocol’s primary focus is to establish KING as the industry standard for restaking rewards. The next step is expanding KING’s DeFi utility, starting with deep liquidity before integrating with money markets, perpetual exchanges, CDPs, and more. This year, King Protocol will evolve into a fully DAO-governed system, where revenue can be distributed to token holders.
To dive deeper and stay up to date with King Protocol, check out their docs, join their Discord, and follow King Protocol on X.
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