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Panoptic, a Uniswap-based decentralized finance protocol for trading perpetual options, has raised $4.5 million in a seed funding round.
Gumi Cryptos Capital led the round, which included Uniswap Labs Ventures, Coinbase Ventures, Jane Street, the Blizzard Avalanche Foundation and others, Panoptic reported on Monday. The funding was secured through an equity and token agreement, co-founder and COO of Panoptic, Jesper Christensen, told The Block.
Panoptic was founded in July by Christensen, former head of research at Advanced Blockchain AG, and Guillaume Lambert, professor of applied physics at Cornell University. The duo aim to revolutionize decentralized crypto options trading the way Uniswap has done for decentralized spot crypto trading.
The first version of Panoptic will be based on Uniswap’s automated market maker (AMM), Christensen said, adding that the protocol intends to support other popular and successful AMMs later. “We can integrate with other concentrated liquidity AMMs if and when needed,” he said.
With fresh capital, Panoptic plans to expand its team, develop its own protocol and audit its code, Christensen said. Panoptic currently employs six people, Christensen said, and the firm plans to add two more people.
Panoptic is set to launch its platform in the first quarter of next year.
The funding comes as DeFi-related projects began to receive venture capital injections after a long period of calm. Last month, the Polkadot-based t3rn protocol raised $6.5M, and the Cosmos Onomy-based DeFi protocol raised $10M in private token funding rounds.
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