Kiln, a DeFi staking infrastructure platform, raised EUR 17 million (USD 17.6 million) in a Series A funding led by Illuminate Financial, with participation from Consensys, GSR, Kraken Ventures, and Leadblock Partners, among others. This round brings the company’s total funding to USD 22.6 million.

The company plans to use the funds to add new features to its suite of Ethereum staking products.

Analyst QuickTake: Kiln is the third platform in the DeFi staking segment to raise funds this month alongside Moonstake , which received an undisclosed amount as a grant, and Texture which raised USD 5 million . Kiln’s staking services primarily focus on Ethereum , a blockchain that recently made the switch to a proof-of-stake (PoS) consensus mechanism (dubbed “the merge”) in September. Compared to other PoS blockchains such as Solana which currently has a staked supply of 66.7 %, Ethereum’s staked supply is only 12.5% . Therefore, platforms like Kiln stand to benefit from the potential market that has been created via this discrepancy and the new-found popularity of Ethereum staking due to the merger.