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.

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.