Thetanuts Finance is a DeFi(Decentralized Finance) protocol that offers multi-chain and DeFi structured products for diversified, organic yield generation. Its infrastructure is designed to offer treasury management for DAOs(Decentralized Autonomous Organizations),market makers and liquidity providers as well as additionally, help retail traders earn yields on their assets. Utilizing this infrastructure, users can earn yields on their assets including the major cryptocurrencies and altcoins while providing liquidity and executing short and long-term options strategies.
Thetanuts Finance has recently secured $17 million in a funding round led by Polychain Capital, Hyperchain Capital and Magnus Capital. The proceeds of the new funding round will be utilized to help the firm create new partnerships with later 1 and layer 2 networks among other players in the sector including liquidity providers, blockchain foundations, market makers and exchanges.
This funding round arrives at a time when the crypto market is slowly climbing out from the crypto winter that rocked the 2022 markets and nearly collapsed the investment ecosystem. However, blockchain infrastructure projects have proved resilient to this freeze as they continue attracting investments from numerous venture capitals, funds and corporates. Since the collapse of FTX – a centralized crypto exchange, investors have opted to pick DeFi projects over centralized projects.
In March of 2022, the firm managed to raise $18 million in a financing round that was led by crypto hedge fund Three Arrows Capital, QCP Capital, Jump Crypto and Deribit – a crypto options exchange. Three Arrows Capital collapsed 3 months later, an occurrence attributed to its exposure to Terra – a crypto network that fell in May the same year and left its founder Do Kwon in the wind as a fugitive but has since been apprehended.
Thetanuts Finance has plans to launch an options market powered by decentralized options vaults which according to the firm, will make options strategies available to more investors, especially those involving altcoins.
According to Sherwin Lee, Thetanuts Finance advisor, the firm is dedicated to lead the way in building a thriving altcoin options market for both nascent and established ecosystems across different chains, including non-EVMs(Ethereum Virtual Machines).
The firms flagship is the USDC Stronghold that allows users to start generating income for swapping with a yield-bearing token backed by an index of puts on market majors including BTC, ETH and BNB among others. According to the product, the firm has sustainable yield, diversified risk and no vault fees. The product also has an APY(Annual Percentage Yield) of 50. 6% and a TVL(Total Value Locked) of $88 million.
