Cork Protocol in a16z Crypto’s Fall Cohort with Investments and Testnet Competition

by Giorgi Kostiuk

2 years ago

Preparing for Mainnet
Testnet Competition
Expert Opinions

Cork Protocol, which has built a new DeFi primitive similar to credit default swaps for pegged crypto assets, today announces its participation in the a16z Crypto CSX Fall 2024 cohort. Backed by investors including OrangeDAO and Ideo, the 8-week program aims to accelerate the early go-to-market strategy.

Preparing for Mainnet

Cork Protocol has secured investments from OrangeDAO, a16z CSX, Ideo Ventures, Steakhouse Financial, Outliers Fund, and Unbounded Capital among others to accelerate its launch. The protocol offers Depeg Swaps, which can be used for long-term buy-and-hold strategies, yield enhancement for underwriters, or as part of collateral stacks. By participating in the CSX Fall 2024 cohort, Cork Protocol will benefit from tailored resources, mentorship, and the a16z network to refine its product before the mainnet launch.

Testnet Competition

In conjunction with the announcement, Cork Protocol is launching a Testnet Trading Competition starting September 17th. The competition will take place on the Sepolia Testnet, allowing participants to test the protocol under simulated conditions and compete for profit, as well as report bugs. The prize pool totals 1.75 ETH, including 0.5 ETH for the highest overall profit, 0.25 ETH for the most profitable liquidity provider, and 0.1 ETH for the best bug report.

We’re excited to invite DeFi enthusiasts, traders, and developers to participate in our Testnet Trading CompetitionRob Schmitt, Co-Founder of Cork Protocol

Expert Opinions

Many experts have praised Cork Protocol's innovations. The Depeg Swaps concept has garnered attention from both crypto enthusiasts and key market players.

A competitive marketplace to price smart contract, slashing, and liquidity risk could fundamentally improve the UX of interacting with stETHMcNut, Lido Contributor

Cork Protocol continues to develop its new DeFi primitive aimed at improving the stability and efficiency of the crypto economy. Participation in the CSX cohort and the launch of the testnet competition will help accelerate market entry.

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