Wasabi Protocol raises $3M in seed round

According to Wasabi’s latest announcement, in a recent seed round of financing, Wasabi raised US$3 million for project development.

Wasabi project introduction

Wasabi Protocol is a Web3 long-tail asset derivatives exchange built on Blast Chain. It provides users with leveraged trading of highly volatile assets (such as NFT, MEMECOIN), as well as services such as NFT options, asset pledges, and fragmented NFT transactions.
At the same time, it is the first project to provide derivatives transactions for ERC721s and ERC404 asset protocols, and at the same time actively promotes the solution to the liquidity problem of memecoin with cultural attributes. Within months of its launch, Wasabi attracted more than 30,000 users, with platform transaction volume exceeding $200 million.

Financing situation

Wasabi raised $3 million in its latest seed round led by Electric Capital. Other investors include Alliance, Memeland, Spencer Ventures, Pudgy Penguins CEO Luca Netz, Magic Eden co-founder Zhouxun Yin, angel investor Santiago Santos, and Crypto Twitter personalities Cygaar, Zagabond, DCF God, and Bob Loukas.

Wasabi partnership

Partnering with Thruster to launch first-ever Blast native trading competition

According to Wasabi's tweet, starting now and continuing until 8 PM EDT on June 24, we are partnering with ThrusterFi Blast to launch the first-ever Blast native trading competition, with 100K coins up for grabs!

Traders on Wasabi will compete in 3 different categories across 7 pairs of Blast_L2 native pairs to win a share of the 100K prize pool.

Categories:

1. Highest Profit and Loss (PnL)

• Winners: The top 10 traders with the highest realized profit and loss.
• Total Prize Pool: 69,000 coins
• #1: 30K coins
• #2: 20K coins
• #3: 10K coins
• #4-10: Cumulative 9K coins

2.Highest Return on Investment (ROI)

• Winners: The top 3 traders with the highest return on investment.
• Total Prize Pool: 30,000 coins
• #1: 15K coins
• #2: 7K coins
• #3: 5K coins
• #4-10: Cumulative 3K coins

3.Most Rekt

• Winner: The trader with the largest total losses.
• Total Prize Pool: 1,000 coins

Partner with Pandora

After Pandora's ERC404 project was optimized and launched in February this year, Wasabi Protocol became the first to reach an ecological partnership with Pandora and support the innovative ERC 404 standard by introducing perpetual transactions to Pandora.

Advantages of Wasabi

Wasabi is the first NFT on-chain options protocol, revolutionizing the world of non-fungible tokens by providing traders with a platform to buy and sell options on ERC-721 contracts.
Wasabi is also the first protocol to enable leveraged trading backed by real assets.
Wasabi also offers on-chain perpetual contracts, which means all transactions are asset-backed, eliminating counterparty risk. This is very different from traditional perp decentralized exchanges such as Aevo and Hyperliquid, which rely on market makers to tie their synthetic prices to the actual prices of on-chain assets.