$4.5 Million is raised for the Uniswap-based DeFi Protocol Panoptic
Panoptic, a Uniswap-based decentralized finance (DeFi) protocol, has just raised $4.5 million to build a decentralized protocol for perpetual options.
The round was led by Gumi Cryptos Capital, according to Panoptic, which also included Coinbase Ventures, Uniswap Labs Ventures, the Blizzard fund of the Avalanche Foundation, Jane Street, and other investors.
Jesper Kristensen, COO and co-founder of Panoptic stated that they obtained the funding through an equity plus token warrant arrangement. In July of this year, Guillaume Lambert and Kristensen, a former head of research at Advanced Blockchain AG, founded Panoptic.
Panoptic aims to revolutionize the decentralized options trading market, just as Uniswap offers decentralized cryptocurrency spot trading.
According to Kristensen, the automated market maker from Uniswap will serve as the foundation for Panoptic's initial release (AMM).
The protocol will eventually support several other well-liked and prosperous AMMs. In an interview with The Block, he stated, "We can integrate with additional concentrated liquidity AMMs if and when needed.
The co-founder of Panoptic also mentioned that they have plans to grow the team now that they have additional funding. They also intended to develop their native protocol and audit their code.
There are currently six team members, according to Kristensen. In the upcoming months, they plan to hire two more individuals. According to Panoptic's co-founders, the platform will be introduced in the first quarter of 2023.
After a protracted dry spell, DeFi projects are once more starting to receive VC funding.
The native token of the decentralized exchange Uniswap, UNI, has experienced a substantial price movement over the past week and is up 10.5% on the weekly chart.
The UNI price surged to $6.5 at one point. Though it has since partially reversed course, UNI is now trading at $6.11 and has a market cap of $4.6 billion.
Last week, the platform announced the debut of its NFT aggregator, which coincided with the UNI price pump.
Uniswap, a marketplace aggregator, will provide listings from all significant NFT marketplaces, including OpenSea, X2Y2, LooksRare, Sudoswap, and many others. Users will purchase NFTs at the lowest cost possible.
Uniswap stated in the official announcement:
"NFTs are officially live on Uniswap!! Starting today, you can trade NFTs across major marketplaces to find more listings and better prices. We’re also airdropping ~$5M USDC to historical Genie users & offering gas rebates to the first 22,000 buyers."
Show Tweet from <blockquote class="twitter-tweet"><p lang="en" dir="ltr">1/ NFTs are officially live on Uniswap!! 🎨🦄<br><br>Starting today, you can trade NFTs across major marketplaces to find more listings and better prices.<br><br>We're also airdropping ~$5M USDC to historical Genie users<br><br>& offering gas rebates to the first 22,000 buyers. <a href="https://t.co/OZXCydXydD">pic.twitter.com/OZXCydXydD</a></p>— Uniswap Labs 🦄 (@Uniswap) <a href="https://twitter.com/Uniswap/status/1597953698449494022?ref_src=twsrc%5Etfw">November 30, 2022</a></blockquote> <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
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