Blast DEX Thruster Rockets To Success With $70 Million Valuation In Seed Round

• Thruster, a decentralized exchange protocol powered by blasts, secured $7.5 million in seed funding led by Pantera Capital.
• This round of seed funding, a SAFE plus token warrants offering, propelled Thruster’s valuation to $70 million, as shared by Thruster contributor 0xFri with CoinNerd.

Thruster Finance, operating on the Ethereum Layer 2 network Blast, has secured $7.5 million in seed funding.

Pantera Capital led the round, joined by OKX Ventures, Mirana Ventures, ParaFi Capital, Manifold Ventures, and Arche Fund (formerly Coin98 Ventures), announced Thruster on Thursday.

Angel investors, including Santiago Santos, Frax founder Sam Kazemian, Pendle founder TN Lee, Stacked founder Alex Lin, Renzo founder Kratik Lodha, and Axelar founder Georgios Vlachos, also participated.

Commencing fundraising in late February, just before Blast’s mainnet launch on Feb. 29, Thruster swiftly concluded the round last month, as per insights from 0xFri, a pseudonymous contributor.

Structured as a simple agreement for future equity (SAFE) plus token warrants, the round elevated Thruster’s valuation to $70 million, 0xFri further disclosed.

What Is Thruster?

Launched in March as a yield-focused DEX on Blast, Thruster has rapidly ascended to become the second-largest DeFi protocol on the Ethereum Layer 2. DeFiLlama data indicates $320 million in total value locked. Within less than two months of its inception, Thruster boasts over 100,000 users who have traded nearly $2 billion in volume collectively.

“We saw Blast as an exciting new ecosystem to build on based on its yield and incentive-first model,” 0xFri said. “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.”

Described as the inaugural Ethereum Layer 2 network offering native yield, Blast derives its yield from ether staking and protocols for tokenizing real-world assets. This yield is automatically distributed to Blast users. As per Blast’s website, the default interest rates stand at 3.7% for ETH and 13% for stablecoins. DeFiLlama data reports Blast’s TVL at $1.4 billion presently.

Deep Liquidity

Thruster positions itself as a “deep liquidity” hub for most Blast-native assets, anticipating more tokens as Blast protocols introduce theirs progressively.

In contrast to Ambient, Thruster stands out in asset diversity, boasting over 40 liquidity pools exceeding $100,000, according to insights from 0xFri.

Thruster’s approach prioritizes integration to boost yield for liquidity providers, setting it apart from Ambient, which operates across multiple blockchains, stated 0xFri.

The Thruster team, with a track record of contributions to various top 50 protocols, maintains anonymity while underscoring their experience.

Presently, approximately ten individuals are employed at Thruster in Singapore, with plans to significantly expand the engineering team to fulfill the roadmap, as stated by 0xFri.

Thruster’s roadmap includes forging more partnerships, integrating new features, and enhancing user interface and experience to rival centralized 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 said.

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