Tsunami Finance, a futures and spot trading platform that is building on Aptos and has been running its community tests on the Aptos Testnet network, has raised $1.3 million in pre-seed funding, led by Big Brain Holdings and Mirana. The funding will help accelerate the growth of the company.
Other participants include ZetaMarkets, HedgeLabs, Pontem, Brilliance Ventures, BuilderVC, Marin Digital Ventures, 0xSoju, Switchboardxyz, Coral DeFi, RandRCapital, Aptos Monkeys, Time Research & more.
According to Tsunami Finance, the funds raised in the pre-seed round will be utilized to pay the developers, business development, and community management.
Tsunami Finance is the first DEX on Aptos that will price the liquidity of any asset, and provide liquidity pools with a proper pricing mechanism in place. Usually, the liquidity pools on DEX that experience toxic flows face issues and on the other side, the Automated Market Makers (AMMs) don’t do a great job of pricing the liquidity on the chain. That’s where Tsunami steps in, to bridge the gap and minimize the issues of pricing the liquidity, and protect the liquidity pools from facing any risks when providing the liquidity.
Tsunami offers a pooled LP token (TLP) that minimizes risk from impermanent loss through diversification of blue chip cryptos and stablecoins while maximizing rewards by generating leveraged trading fees on top of swap fees. While working both ways, Tsunami also works to provide a way to trade with 0% price impact, known exit liquidity, low funding fees, a low spread, and collateral that grows in value over time.
Tsunami’s testnet is currently live and you can try it out on tsunami.finance.
— TsunamiX 🌊 (@TsunamiFinance_) February 24, 2023
Tsunami decided to launch on Aptos because of the chain being made on the Move programming language, and the core team from Aptos Network has been very responsive to the teams that are building on the chain since the very beginning.