According to Crypto NewsPanoptic, a decentralized finance (DeFi) protocol based on Uniswap, has successfully garnered a $7 million seed funding round. This funding will primarily be funnelled towards the development of its novel perpetual options decentralized exchange platform.
European crypto investment firm Greenfield Capital lead the charge in the funding round, with key participation from HashKey, gumi Cryptos Capital (gCC), L1D, Heartcore Capital, Comma3, and Zee Prime Capital. The valuation for this funding round has not been disclosed by Panoptic or Greenfield.
This financial boost will enhance Panoptic's ongoing beta testing phase in preparation for an Ethereum mainnet launch and the unveiling of its V2 product. The seed funding cumulatively brings Panoptic's total raised capital to $11.5 million, succeeding a prior $4.5 million seed funding round in December 2022.
The "panoptions" perpetual options offered by Panoptic addresses a significant gap in the DeFi market. Historically underrepresented, the options market currently only represents 0.2% of DeFi's daily $2.5 billion decentralized exchange volume. With perpetual options, Panoptic introduces the option of traditional options trading without rigid expiry dates, allowing for a continuous rollover every 12 seconds and promoting more advanced and adaptable DeFi trading strategies.
Panoptic's CEO, Guillaume Lambert, reflected on the innovative nature of their perpetual options and their potential contribution towards democratizing finance. Meanwhile, Greenfield Capital's Principal, Gleb Dudka, acknowledged Panoptic's stance as thought leaders in Automated Market Makers with a remarkable platform that streamlines options trading strategies with an excellent user experience and interface. Founded in July 2022 by Kristensen and Lambert, Panoptic intends to blaze a trail of innovation in the DeFi landscape, aiming to promote the adoption of options trading strategies.
