- Funding totaling $6.2 million has been raised by BSX from Blockchain Capital and other sources.
- The goal of the DeFi variants protocol BSX is to optimize the onchain hosting of the BSX order book by launching a Layer 3 network on Base.
Pre-seed and seed investment rounds for BSX Exchange, a DeFi derivatives technology developed on the Ethereum Layer 2 network Base, have brought in $6.2 million.
The latest $4 million seed round was led by Blockchain Capital, BSX reported on Wednesday. Together with the seed round, BSX said, the pre-seed round—which raised $2.2 million the previous year—is also being revealed.
Bankless Ventures, No Limit Holdings, Cadenza Ventures, Breed Ventures, and Arthur Hayes’ family office Maelstrom are among the investors in both rounds. Among its angel investors are Zach Segal, the head of listings at Coinbase, Tommy Shaughnessy, the developer of Delphi, and Isaiah Washington, an investor in CoinFund.
Henry N., a core contributor to BSX said that the rounds were set up as a simple agreement for future equity (SAFE) offering, which granted investors token warrants. Regarding the valuation, he remained silent.
According to Henry, Hayes joined as an advisor as part of the agreement, and Blockchain Capital was given one representative or observer board position on BSX.
BSX: What is it?
Crypto perpetuals are the main emphasis of BSX, a decentralized derivatives trading platform on Base. According to BSX, since its April launch, it has enabled trading volume of over $4 billion and recently surpassed the $1 million income threshold. With new capital secured, BSX intends to grow into more than just derivatives trading.
Henry stated that earn and staking solutions are also in the works and would be released in the upcoming months. The team intends to provide a spot aggregator the following month.
According to Henry, BSX Earn has a loan and borrowing mechanism that gives traders access to funds for Base and BSX trading. By placing money into automatically managed trading vaults, traders can earn rewards using the second product, BSX Vaults.
Henry went on to say that later this year, either around the time of the token generation event (TGE), BSX staking will be implemented.
In order to improve the onchain BSX order book, BSX also intends to introduce a Layer 3 network on Base. This update will enable permissionless listing of new assets and further enhance our decentralization agenda. According to Henry, the infrastructure update is scheduled to commence in Q1 2025.
In the future, Henry continued, BSX plans to introduce a unique NFT collection and its own trading game on Telegram in an effort to draw more users to both Base and BSX.
Introduction of the BSX token
According to Henry, the BSX coin is anticipated to launch in November or December. He continued, the token’s primary applications will be in onchain governance of the BSX protocol and value transfer to token holders via buybacks, airdrops, and revenue sharing.
Season 2 of BSX’s trading rewards program is presently underway, with a goal of awarding 16 million points by the end of this month. According to Henry, the rewards program awarded a total of 8 million points throughout its inaugural season. Three months prior to the TGE, a third season will commence.
Henry retorted that the conversion of those points into BSX tokens might be contingent to clearance from the BSX Protocol Foundation.
According to Henry, the core staff of BSX is based in Vietnam, and some U.S. members will be moving to Singapore or Vietnam this year. In addition to interns and part-time engineers, BSX currently employs twelve full-time employees. Henry said that the company is seeking to fill a number of positions in expansion and engineering departments.
In a statement, Blockchain Capital managing partner Kinjal Shah said, We are excited about their team’s potential to connect disparate liquidity sources and create an even better trading experience for all users. BSX is positioned to become a cornerstone of the Base ecosystem.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
