What is Wasabi? Derivatives exchange on Ethereum and Blast
Not only does it support cryptocurrency trading on the Blast and Ethereum networks, Wasabi allows users to trade on NFT collections to increase access to assets. Let's learn more about the characteristics of the Wasabi project in the article.
What is Wasabi?
Wasabi is a derivatives exchange, allowing users to trade long/short, options, spot with NFT collections, Fractional NFT* (Fractional NFT), memecoin or supporting protocol tokens on two networks grid: Ethereum and Blast.
Each Wasabi network focuses on different asset types and features to suit the nature and needs of its users. Specifically:
Ethereum: Supports long/short, spot, options trading with NFT and fractional NFT collections.
Blast: Supports long/short trading with tokens on the Blast network.
In addition, Wasabi also developed the Earn feature, allowing users to provide liquidity into pools to earn profits and reward points from the protocol.
*Fractional NFT: Are NFTs divided into parts, to expand access to the NFT market for investors.
Wasabi has not published information about tokenomics.
Wasabi on Ethereum
The first network Wasabi developed was Ethereum, with the aim of increasing access to the NFT market for users. On Ethereum, Wasabi offers two products: Option and Trade focusing on two different asset types, specifically:
Option: Allows users to make leveraged options transactions on NFT collections on the market such as Bored Ape Yacht Club, Pudgy Penguins, Azuki...
Trade: Allows users to perform derivative and spot transactions for F-NFT tokens.
Options
With Option, users can use features, including:
Long/Short: Feature that allows users to make options trades for individual NFTs in the collection. Users can use leverage to increase access to capital. Each NFT has a different level of leverage, ranging from 1x to 7x.
Trade Option: Feature that allows users to trade options on the floor price of the NFT collection. Users can place a buy option (call option) or put option (put option) at a predetermined price at a future expiration date.
In addition to the above two main features, Option also provides users with two Earn and Portfolio features to support the trading experience:
Earn: Allows users to create their own liquidity pools to earn profits instead of providing liquidity to an existing pool.
Portfolio: Allows users to track transaction history.
Option trading features on Wasabi
Trade
With Trade, the product develops three main features, including:
Trade: Allows users to make leveraged long/short trades, up to 5x with F-NFT tokens, such as uLP/ETH, uMFER/ETH... In addition, users can also make Now swap tokens right in the Trade feature.
Collect: Allows users to perform spot trading of F-FNT tokens.
Earn: Allows users to provide liquidity into supporting protocol vaults and earn APR profits. Profits range from 0.01% - 5%.
In addition, users participating in activities in Trade can earn bonus points (points). Points are distributed based on trading volume. The more trading volume, the higher the score. Or users can own Wasabi Pass tokens to increase the points received.
Wasabi on Blast
For the Blast ecosystem, Wasabi provides 2 main products to help participating users earn profits and points from Blast. Specifically:
Trade: Feature that allows users to make long/short transactions with leverage, up to 10x for tokens on the Blast network such as USDB, PAC, JUICE... Similar to Wasabi's product on Ethereum, Trade also Combines the Swap feature to help users perform token swap transactions.
Earn: Feature to provide liquidity into supporting protocol vaults to earn APR and point profits. APR ranges from 0.01% - 18.44%.
The protocol also provides a Point feature, helping users track reward points received and a ranking of accounts with the highest points. However, unlike Ethereum, users cannot use NFT Pass to increase points received.
Wasabi feature interface on Blast
Wasabi Highlights
Compared to other derivatives exchanges on the market, Wasabi stands out thanks to the following characteristics:
Supports trading of two types of assets: NFTs and tokens. This helps the platform attract more users and expand opportunities to access assets.
Develop Wasabi Pass token specifically for increasing user points. Thereby helping to quickly accumulate points and save time for the holder.
Although there are some highlights, the platform also has limitations such as:
The liquidity of assets in vaults is relatively low, leading to high slippage risks and orders being executed over a longer period of time.
Some features have not been completed, leading to an inconsistent trading experience.
Wasabi project team, investors, partners
Project team
Wasabi is developed by two key members:
Eren Derman: Chief at Wasabi, he has a lot of experience in the technology field. Previously, he held a number of important positions such as: Co-Founder & CEO at DKODA Labs, Technical Product Manager at Akkio.
Mason: COO & Head at Wassabi. In addition, other information about Mason has not been revealed by the project.
Investors
According to the project, Wasabi is backed by many famous investment funds in the market. Prominent among them are names such as: Sharding Capital, AAVE, Alliance... However, information about the total investment amount or capital call has not been disclosed by the project.
Partner
Wasabi has established partnerships with many prominent projects in the Ethereum network such as: SappySeal, Pudgy Penguins...
Similar project to Wasabi
Some projects similar to Wasabi on Blast include:
Thruster: Is a decentralized exchange built on Blast with TVL reaching 380 million USD (second highest in the ecosystem).
Orbit Protocol: Is a lending & borrowing platform on Blast, allowing users to borrow and lend to earn APY rates and reward points.
