Panoptic raises $7 million to build perpetual options platform for DeFi
Summary
The estimated launch dates for our protocol are Q1, 2024 for mainnet and Q4, 2025 for V2, Panoptic COO Jesper Kristensen told The Block.The seed funding brings Panoptics total raise to $11.5 million, following a $4.5 million seed funding round in December 2022 led by gCC, with Uniswap Labs Ventures, Coinbase Ventures, Jane Street, Avalanche Foundations Blizzard fund and others participating.Panoptics perpetual options fill a significant gap in the DeFi market, Panoptic co-founder and CEO Guillaume Lambert said in a statement. We envision a future where finance is truly democratized.Panoptic plans to bring its so-called panoptions perpetual options to the DeFi market. The latest figures from DefiLlama appear to agree, with $4.59 million in daily DeFi options volume representing just 0.2% of DeFis daily $2.5 billion DEX volume.Panoptics goal is not to replicate traditional options on-chain but to innovate within the building blocks of DeFi and thereby help options gain significant traction, Gleb Dudka, Principal at Greenfield Capital said. We believe that the team behind Panoptic is well-positioned for that, as they are thought leaders in the field of Automated Market Makers (AMMs) and have built an outstanding platform. "Panoptic was established in July 2022 by Kristensen, a former head of research at Advanced Blockchain AG, and Lambert, a professor of applied physics at Cornell University.