BSX: Powering the Future of Derivatives on Base and Beyond
Base, the Ethereum Layer 2 network incubated by Coinbase, has rapidly emerged as a formidable ecosystem. What sets Base apart is its unique position, bridging traditional finance and decentralized applications, leveraging Coinbase’s established infrastructure and over 110M verified users. This proximity provides Base with the potential to onboard millions of retail users into web3, offering a user-friendly onramp that significantly lowers barriers to entry.
Base itself has seen explosive growth, with active addresses and transaction count surging by over 1,000% over the past six months. This growth has culminated in an impressive 900,000 active addresses and $6.1 billion in TVL, and it’s only the beginning. As Coinbase continues to integrate USDC onchain, cultivate its developer community, and introduce innovative products like the smart wallet, we anticipate Base’s momentum to accelerate even further.
Robust liquidity is the lifeblood of any thriving crypto ecosystem, with perpetual DEXs serving as a cornerstone for this liquidity. Recognizing this critical need, we are thrilled to announce that we have led the Seed investment in BSX, a cutting-edge perpetual CLOB exchange on Base, poised to become a fundamental pillar of the network's growing DeFi landscape.
In just four months since launch, BSX has rapidly established itself as the leading perps DEX on Base, generating an impressive $4 billion in trading volume. Its exclusive focus on Base positions BSX to become a dominant liquidity provider, while offering a tailored trading experience that closely aligns with the unique needs of Base users and assets.
Behind BSX's impressive performance is a team with deep roots in DeFi and crypto finance. CEO, Avi, brings valuable insights from his time at Floating Point Group and FalconX, while CTO Khoa's experience as a founding engineer at Coinbase provides crucial expertise in exchange design. COO Henry's background at Kraken Ventures and Jump Capital rounds out the team with strategic DeFi insights.
Technically, BSX shines. The platform boasts high performance, supporting 10ms latency, and deep liquidity at high leverage (1000x). Its near-gasless trading experience and easy fiat on-ramping further enhance its appeal.
Looking ahead, BSX has an ambitious roadmap that includes expanding beyond perpetual trading to develop more products to serve retail traders, including a spot aggregator, a full suite of BSX Earn products with vault strategies, and BSX staking.
We're excited to be leading BSX's Seed round and supporting their vision for the future of decentralized derivatives trading. It’s a critical time in the EVM ecosystem, where perpetual DEX liquidity is becoming fragmented. BSX, with its strategic positioning on Base and the ecosystem's unique Coinbase connection, is exceptionally well-placed to capitalize on this opportunity. The platform can tap into a vast pool of potential users transitioning from traditional finance to DeFi.
With their exceptional team, ambitious roadmap, and the current market dynamics, we believe BSX has the potential to not only become a foundational DeFi building block on Base but also to expand its influence across the broader EVM landscape.
Blockchain Capital is an investor in one or more of the protocols mentioned above. The views expressed in each blog post may be the personal views of each author and do not necessarily reflect the views of Blockchain Capital and its affiliates. Neither Blockchain Capital nor the author guarantees the accuracy, adequacy or completeness of information provided in each blog post. No representation or warranty, express or implied, is made or given by or on behalf of Blockchain Capital, the author or any other person as to the accuracy and completeness or fairness of the information contained in any blog post and no responsibility or liability is accepted for any such information. Nothing contained in each blog post constitutes investment, regulatory, legal, compliance or tax or other advice nor is it to be relied on in making an investment decision. Blog posts should not be viewed as current or past recommendations or solicitations of an offer to buy or sell any securities or to adopt any investment strategy. The blog posts may contain projections or other forward-looking statements, which are based on beliefs, assumptions and expectations that may change as a result of many possible events or factors. If a change occurs, actual results may vary materially from those expressed in the forward-looking statements. All forward-looking statements speak only as of the date such statements are made, and neither Blockchain Capital nor each author assumes any duty to update such statements except as required by law. To the extent that any documents, presentations or other materials produced, published or otherwise distributed by Blockchain Capital are referenced in any blog post, such materials should be read with careful attention to any disclaimers provided therein.
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