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42 (prev. Alkimiya) develops a decentralized protocol for hedging on-chain cash flows, targeting Ethereum validators and other yield-generating entities. The platform enables structured products around staking rewards, gas fees, and future yields.
In January 2023, the team raised $7.2M in a second private round led by 1kx, with participation from Circle Ventures, Hashkey Capital, Coinbase Ventures, and existing investors like Dragonfly Capital. The funds were allocated to scaling product adoption and growing Alkimiya’s protocol ecosystem.