PANews reported on June 4 that in response to The Block, Avantis, a decentralized leveraged buying and selling protocol based mostly on the Base chain, introduced the completion of an $8 million Series A financing spherical, led by Peter Thiel’s Founders Fund and Pantera Capital, with participation from Symbolic Capital, SALT Fund and Flowdesk. Harsehaj Singh, CEO of the core improvement crew Lumena Labs, mentioned that the spherical of financing shall be accomplished in mid-2024, utilizing an “fairness + token warrant” construction, however the post-investment valuation was not disclosed. Thus far, Avantis has raised a complete of $12 million.
Avantis was launched in 2023 and has change into the most important derivatives protocol on the Base chain, with a cumulative buying and selling quantity of over US$7.5 billion and over 60,000 customers. The platform helps real-world asset (RWA) buying and selling resembling cryptocurrencies, international alternate and commodities, and plans to increase to shares, sports activities and prediction markets. To attain this objective, Avantis will perform technical upgrades, together with remodeling the AMM system to help a number of worth sources and growing a personalized EVM-compatible blockchain to attain zero-gas price transactions. The V2 model of the platform is anticipated to be launched in a number of months, claiming to attain a 10-fold capital effectivity enchancment and help cross-margin buying and selling.
