PANews reported on June 4 that according to The Block, Avantis, a decentralized leveraged trading protocol based on the Base chain, announced the completion of an $8 million Series A financing round, led by Peter Thiel's Founders Fund and Pantera Capital, with participation from Symbolic Capital, SALT Fund and Flowdesk. Harsehaj Singh, CEO of the core development team Lumena Labs, said that the round of financing will be completed in mid-2024, using an "equity + token warrant" structure, but the post-investment valuation was not disclosed. So far, Avantis has raised a total of $12 million.

Avantis was launched in 2023 and has become the largest derivatives protocol on the Base chain, with a cumulative trading volume of over US$7.5 billion and over 60,000 users. The platform supports real-world asset (RWA) trading such as cryptocurrencies, foreign exchange and commodities, and plans to expand to stocks, sports and prediction markets. To achieve this goal, Avantis will carry out technical upgrades, including transforming the AMM system to support multiple price sources and developing a customized EVM-compatible blockchain to achieve zero-gas fee transactions. The V2 version of the platform is expected to be launched in a few months, claiming to achieve a 10-fold capital efficiency improvement and support cross-margin trading.