Wasabi Secures $3M to Enable Leveraged Trading for Memecoins and NFTs
Wasabi, a DeFi protocol on Ethereum and Blast, has successfully raised $3 million to support leveraged trading of memecoins and NFTs. This platform is popular among traders, with over 18,000 users generating more than $500 million in trading volume this year.
Funding Round Led by Electric Capital
The recent funding round, which raised $3 million, was led by Electric Capital. Other participants included Alliance, Memeland, Spencer Ventures, and several angel investors.
Plans for Expansion
With the new funding, Wasabi aims to expand its team from six to ten members. The new hires will include a smart contract engineer, back-end developer, quantitative engineer, and a head of operations.
On-Chain Perpetual Futures
One of the key features of Wasabi is its on-chain perpetual futures. This means that all trades are asset-backed, which removes counterparty risk. Traders can take long and short positions or stake memecoins and NFTs with leverage. While leverage of 2-3X is available for exotic assets, more established assets like ETH and USDB offer up to 10x leverage.
Wasabi is making it easier for traders to engage with long-tail assets like memecoins and NFTs. The recent funding and planned team expansion indicate a bright future for this innovative DeFi protocol.
