P2P.org, which provides staking infrastructure for Ethereum, Cardano, Cosmos, and 47 other blockchain programs, raised a $23M Series A to expand its portfolio
Jonah Elkowitz / Decrypt :
Context & Ripple Effects
P2P.org's $23M Series A lands in a category that has raised round after round: Blockdaemon took a $28M Series A in 2021 for enterprise blockchain infrastructure, InfStones followed with a $33M Series B for a multi-chain staking PaaS, and more recently Babylon raised $70M to route bitcoin into proof-of-stake systems while Symbiotic pivoted from Ethereum restaking toward a "universal staking" platform. Staking operations keep attracting institutional capital even as the asset class itself wobbles.
The timing matters: per the related coverage, Ethereum is down more than 21% over the past week amid a broader selloff, daily ether burned hit an all-time low around March 22 alongside dips in active addresses, and commentary suggests Ethereum is losing ground with investors and developers. Raising to broaden a portfolio across roughly 50 networks is a bet that operator revenue should not depend on any single chain's fee cycle — precisely the cycle Ethereum's metrics are currently bottoming out of.
First-order effects
- P2P.org can now widen its validator footprint beyond Ethereum, Cardano, Cosmos and its existing roster of ~50 programs, putting it in direct line with Blockdaemon and InfStones, which already sell multi-chain staking as a service.
- With Ethereum's fee burn at record lows and addresses declining, P2P.org's diversification thesis — spreading staked assets across many reward streams rather than one — becomes its core sales pitch to delegators right now.
Second-order effects
- Competing operators funded at similar stages (Blockdaemon, InfStones, Symbiotic) face pressure to match breadth: if P2P.org expands its portfolio, multi-network coverage shifts from differentiator to table stakes, squeezing commission margins across shared chains.
- Newer capital models like Babylon's bitcoin-secured staking give proof-of-stake chains an alternative source of staked capital, forcing pure validator operators like P2P.org to decide whether to integrate such flows or compete against them for delegator funds.
Third-order effects
- If every major operator keeps raising to cover all chains, staking consolidates into a handful of platform businesses whose economics track total staked capital market-wide rather than any single token — turning network security into a competitively priced service layer.
- That consolidation would concentrate delegation decisions (and slashing risk) in fewer hands, a structure regulators have yet to meaningfully address and one that grows more systemic as operators interconnect via restaking and bitcoin-backed capital.
The trend: Staking is consolidating into well-funded multi-chain platform operators that compete on portfolio breadth and delegated-capital sourcing, decoupling their revenue from any single blockchain's activity cycle.