ROOK Surges 23% on $25M Fundraise Speculation

CHENNAI, IN – Liquidity protocol Rook saw its token ROOK rise 23% on Wednesday on speculation that it had completed a $25 million fundraise. The token’s surge in activity follows a tweet from DeFi researcher Ignas.

1/12 Kyle Davies reached out to me after this tweet.

The fundraising deal is done.

But they won't disclose who are the investors - as most exchanges don't.

He also explained how the exchange, collateral system & tokenomics works: 🧵 https://t.co/A43gKBMjz0

— Ignas | DeFi Research (@DefiIgnas) March 7, 2023

Rook is the latest venture led by Zhu Su and Kyle Davies, the founders of Three Arrows Capital (3AC), which went bankrupt last year after its long-only trades model backfired. While the investors are not disclosed, 3AC had been an investor in KeeperDAO, which was later rebranded to Rook. 

An Ethereum-based liquidity protocol, Rook is a maximum extractable value (MEV) marketplace that redistributes value often swept up by miners and predatory trading algorithms. Rook currently has $5 million in total value locked (TVL), a far cry from its 2021 high of $606 million. 

At press time, ROOK is trading at $15.51.