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HomeCryptoThree Arrows-Backed Rook Protocol Sees a Surge in Exercise: ROOK Worth Enhance...

Three Arrows-Backed Rook Protocol Sees a Surge in Exercise: ROOK Worth Enhance 14%

  • Three Arrows Capital hedge fund filed for chapter final yr.
  • Three Arrows Capital invested within the seed spherical for Rook 2020.
  • There may be hypothesis that Zhu Su and Kyle Davies could have accomplished a $25 million fundraiser.

The liquidity protocol Rook, which is backed by the bankrupt Three Arrow Capital (3AC) hedge fund, has seen a surge in exercise, inflicting its guardian token, ROOK, to leap in value to a each day excessive of $16.38. At press time, ROOK was up 13.22% to commerce at $15.33.

The rise in exercise comes amid hypothesis that Three Arrows founders have accomplished a $25 million fundraising to construct “an change to commerce chapter claims.” This comes after DeFi researcher Ignas tweeted.

3AC relationship with Rook

In 2020, Three Arrows Capital invested within the seed spherical of KeeperDAO, which is what was renamed Rook Protocol.

For these unfamiliar with the Rook Protocol, it’s a Most Extractable Worth (MEV) market on Ethereum. Its most important objective is to redistribute worth that’s usually swept below the rug by predatory buying and selling platforms and miners. On the time 3AC invested in KeeperDAO’s seed spherical, 3AC co-founder Zhu Su mentioned the protocol may preserve liquidation on Ethereum “environment friendly” whereas permitting individuals to revenue.

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Information from Defillama reveals that Rook presently has about $5 million in whole worth locked (TVL), which is properly under the 2021 excessive of $606 million, a shorter a part of the 2022 crypto winter attributable to the numerous crypto firm collapses that started with the collapse of 60 billion {dollars}. Terra (LUNA) ecosystem.

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