Blast’s DEX Thruster Finance Raises $7.5M In Funding From Pantera Capital And OKX Ventures To Enhance On-Chain Experience For Users
In Brief
Thruster Finance raised $7.5 million in a seed round of funding to advance its yield-focused DEX on Blast.
Blast’s native decentralized exchange (DEX) Thruster Finance announced it has raised $7.5 million in a seed round of funding led by Pantera Capital, OKX Ventures, Mirana Ventures, ParaFi Capital, Manifold Ventures, and Arche Fund, alongside angel investors encompassing Santiago Santos, Sam Kazemian, TN Lee, Alex Lin, Kratik Lodha, and Georgios Vlachos. The funding round was structured as a Simple Future Equity (SAFE) agreement with token warrants, bringing the project’s total valuation to $70 million.
Thruster Finance centers its efforts on building a yield-focused exchange on the Ethereum Layer 2 network Blast, serving its projects and tokens.
The fresh infusion of funding will bolster Thruster Finance’s efforts to enhance the on-chain experience, offering users an array of data and tools to streamline swapping on its DEX. Additionally, the project will persist in integrating Thruster Finance products and liquidity into various protocols across decentralized finance (DeFi), non-fungible token DeFi (NFTFi), and other sectors.
Simultaneously with the announcement, Thruster Finance revealed its intentions to initiate an early contributor and ambassador program aimed at catalyzing the advancement of the exchange.
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Thruster Finance Emerges As Dominant Protocol On Blast With $320M TVL
Introduced on Blast in March, Thruster Finance swiftly emerged as the most prevalent protocol on the platform, boasting approximately 50,000 weekly active members and nearly $75 million in daily trading volume. Additionally, it has amassed $320 million in total value locked (TVL), as per DeFiLlama.
Blast derives its yield from ETH staking and real-world asset (RWA) tokenization protocols. By default, the generated yield is allocated back to Blast users. As indicated on Blast’s webpage, the default interest rate stands at 3.7% for ETH and 13% for stablecoins. Currently, Blast boasts a TVL of $1.4 billion, according to data from DeFiLlama.
For Thruster Finance Blast emerged as a promising ecosystem for development, primarily due to its emphasis on yield and incentives. In the realm of DeFi, attention is often steered by yield and incentives. By establishing a framework that facilitates the attainment of greater and sustainable yields, Blast is expected to attract a greater influx of users and builders than other blockchains.
Outlining future plans, Thruster Finance’s roadmap highlights forging additional partnerships and integrations alongside enhancing the user interface and experience to align with the standards set by centralized exchanges as the upcoming milestones.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
