Quick take:
- The round was completed at a post-money valuation of $70 million.
- OKX Ventures, Mirana Ventures, ParaFi Capital, Manifold Ventures and Arche Fund also joined the round.
- The company said it will use the funds to integrate its products with other top protocols across DeFi, NFTFi and more.
Thruster, a decentralised exchange platform built on Ethereum Layer-2 network Blast has raised $7.5 million in a seed round led by Pantera Capital.
The fundraising also attracted participation from OKX Ventures, Mirana Ventures, ParaFi Capital, Manifold Ventures and Arche Fund, with Frax founder Sam Kazemian, Pendle’s TN Lee, Alex Lin of Stacked, Renzo’s Kratik Lodha and Axelar’s Georgios Vlachos among those who joined as angel investors.
Thruster’s pseudonymous contributor 0xFri told The Block, the fundraising was structured as a simple agreement for future equity (SAFE) with token warrants at a valuation of $70 million.
Thruster is a yield-earnings DEX platform that uses an integration-first approach to boost yield for liquidity providers. Within less than two months of its launch, the platform has grown to become the second-largest on Blast with a TVL of nearly $320 million, behind Juice Finance, $358 million according to DeFiLlama.
Thruster also claims to have already facilitated more than $2 billion in transactions from more than 100,000 users.
Commenting on the announcement, 0xFri said: “We saw Blast as an exciting new ecosystem to build on based on its yield and incentive-first model. In DeFi, yield and incentives are what drive attention. With Blast creating a system through which greater and more sustainable yields can be achieved, more users and builders should flock to that chain over others.”
Although currently comprised of just 10 team members, Thruster has plans to expand its team, secure more partnerships and integrate with more protocols as it looks to improve user experience to the level of centralised exchanges.
“This fundraise will help us continue to work with leading builders to integrate Thruster products and liquidity into other top protocols across DeFi, NFTFi and more,” 0xFri added.
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