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DeFi Protocol Panoptic Based on Uniswap Raises $4.5 Million

UTC by Bhushan Akolkar · 3 min read
DeFi Protocol Panoptic Based on Uniswap Raises $4.5 Million
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Panoptic seeks to revolutionize the decentralized options trading market and will use these funds in building a decentralized protocol for perpetual options.

Uniswap-based decentralized finance (DeFi) protocol Panoptic has recently secured a $4.5 million fundraising for building a decentralized protocol for perpetual options.

DeFi Protocol Panoptic

On Monday, December 5, Panoptic announced that Gumi Cryptos Capital led the round along with other investors such as Coinbase Ventures, Uniswap Labs Ventures, Avalanche Foundation’s Blizzard fund, Jane Street, and others.

Panoptic co-founder and COO Jesper Kristensen noted that they have secured the funding through an equity plus token warrant arrangement. Kristensen, a former head of research at Advanced Blockchain AG, and Guillaume Lambert established Panoptic earlier this year in July.

Just as Uniswap provides decentralized crypto spot trading, Panoptic seeks to revolutionize the decentralized options trading market. Kristensen added that the first version of Panoptic will be based on Uniswap’s automated market maker (AMM).

In the later stage of their journey, the protocol will support several other popular and successful AMMs. “We can integrate with other concentrated liquidity AMMs if and when needed,” he said in an interview with The Block.

The Panoptic co-founder also added that with fresh capital in hand, they are planning to expand the team. Additionally, they have also planned to build their native protocol and audit their code. Kristensen added that as of now, there are six people working on the team. They plan to add two more people in the coming months.

Panoptic co-founders noted that they are set to launch the platform in the first quarter of 2023. It seems that after a long lull period DeFi projects are once again beginning to start getting VC funds.

Unsiwap (UNI) Price Rally

Over the last week, UNI – the native token of the decentralized exchange Uniswap – witnessed a strong price action and is up 10.5% on the weekly chart. At one point, the UNI price rallied all the way to $6.5.

However, it has partially retraced since then and UNI is currently trading at $6.11 with a market cap of $4.6 billion. The UNI price pump last week came as the platform announced the launch of its NFT aggregator.

Being an aggregator, Uniswap will offer listings from all major NFT marketplaces including OpenSea, X2Y2, LooksRare, Sudoswap, and much more. This will allow users to buy NFTs at the best possible price available. In the official announcement, Uniswap noted:

“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.”

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