Cork Protocol Secures $2.15M to Revolutionize Onchain Credit Risk Management with Depeg Swaps

We are thrilled to announce that Cork Protocol has successfully raised $2,150,000 in our latest funding round—a significant milestone that not only validates our vision but also expedites the development of critical infrastructure in the onchain credit ecosystem. At Cork, our mission is to accelerate the adoption of onchain credit, firmly believing that the future of credit lies in harnessing blockchain technology. Early variants like Liquid Staking Tokens, Restaking Tokens, and stablecoins have demonstrated remarkable growth, yet the absence of robust risk management infrastructure has exposed the ecosystem to volatility and unhedged credit risks. Our newly secured funds will be strategically allocated to build out this crucial layer, in particular through the development of Depeg Swaps. This innovative primitive is designed to enable users to hedge peg-related asset risks by facilitating 1:1 swaps between pegged assets and redemption assets—for example, swapping steth for eth—through our efficient peg stability module. The infusion of capital will not only bolster our technical advancements but also help in expanding our operational capacity to support a reliable, accessible, and transparent onchain credit market. As we channel these resources into further research and product development, we remain committed to making credit markets safer for every participant. By partnering with us on this journey, investors and users alike are contributing to a transformational shift in how credit is managed and secured in the digital age. For more detailed information on how our mechanisms work, please refer to our litepaper. Together, we are taking decisive steps toward a future where onchain credit is synonymous with security and innovation.