What Wasabi does

Wasabi is a cryptocurrency leverage trading protocol and digital payments company operated by Spice Bros Corporation, a Panama-domiciled entity. Founded in 2022 and headquartered in New York, Wasabi's core product enables up to 20x leverage on 800+ assets across 820 markets on Solana, Ethereum, and Base chains. The protocol's strategic positioning is asset selection rather than execution: it lists long-tail meme coins and NFTs (PENGU, PEPE, BONK, AIXBT, VIRTUALS, plus NFT collections) that the company states are unavailable on competing leverage venues such as dYdX or GMX. Trade routing is delegated to integrations with Jupiter and Raydium on Solana, Uniswap on Ethereum, Aerodrome on Base, and Titan for execution, making Wasabi an aggregator-style venue rather than a primary liquidity source.

The business model is transaction-fee based on the protocol side, with the Vault Program distributing a share of those fees to liquidity providers as yield that the company markets as "real" (i.e., derived from trading activity rather than token emissions). Customer segments are retail crypto traders seeking leverage, yield-seeking depositors, and — via the WasabiCard product — digital payment users transacting in stablecoins. The card program had issued 500,000+ cards to 100,000+ users across 25+ countries with $1B+ in cumulative transaction volume as of April 2026. Go-to-market is product-led and self-serve, with no KYC and community-driven marketing via Twitter/X, Discord, and Telegram.

Wasabi raised a $3 million seed round in June 2024 led by Electric Capital with participation from Alliance (and additional disclosed investors including Memeland, Orthogonal, and Round13). Proceeds funded a team expansion from 6 to 10 members. In April 2026, the protocol suffered a security breach in which a compromised deployer admin key enabled an attacker to drain approximately $4.5–5.5 million from perpetual vault contracts and liquidity pools across Ethereum, Base, and Blast chains. The protocol remained operational post-incident, reporting $1.30M TVL and $1.82B in all-time trading volume at the most recent measurement. Geographic restrictions prohibit users from the United States, United Kingdom, Cuba, sanctioned regions of Russia and Ukraine, North Korea, Iran, and Syria.

Name

Wasabi

Legal name

Spice Bros Corporation

Website

https://wasabi.xyz

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

1–10 employees

Short description

Wasabi is a multi-chain cryptocurrency leverage trading protocol offering 20x leverage on 800+ assets — primarily meme coins and NFTs — across Solana, Ethereum, and Base, with a stablecoin payment card (WasabiCard) serving retail traders, yield-seekers, and digital payment users globally.

Ownership category

akta.pro rank

Product category

Decentralized Finance (DeFi) Trading Protocol

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

NFT Trading, Liquidity & Financialization (AMMs, lending, fractionalization, derivatives) (FSAPAFAG)

Keywords

• Leverage trading protocol
• DeFi perpetuals trading
• Crypto margin trading
• Cross-chain DEX aggregator
• Yield farming vaults

Headquarters

HQ city

New York

HQ country

United States

HQ region

North America

Markets served

GTM type

B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Infrastructure, Operations, Marketing or Sales

Revenue model

1. Trading fees: Revenue generated from leverage trading activity on the platform. Users pay fees when trading with leverage, and vault depositors earn from these fees.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Wasabi operates a multi-chain decentralized leverage trading protocol that enables users to take long or short positions with up to 20x leverage on 800+ assets, including meme coins and NFTs, across Solana, Ethereum, and Base. It also offers Wasabi Vaults where depositors earn real yield from trading fees, and WasabiCard, a digital payment card supporting stablecoin payments and cross-border transactions.

Product overview

Wasabi is a leverage trading protocol designed for trading assets unavailable elsewhere, primarily meme coins and NFTs. The platform operates across EVM (Ethereum, Base) and SVM (Solana) chains, offering up to 20x leverage on 820+ markets with $1.82B in all-time trading volume. Wasabi comprises three main offerings: the Wasabi Protocol core trading platform for leveraged trading, Wasabi Vaults for yield generation from trading fees, and WasabiCard for digital payments supporting stablecoin transactions and cross-border payments. The protocol aggregates liquidity through integrations with major DEXs including Jupiter, Raydium, Uniswap, and Aerodrome.

Differentiator

Problem solved

Functional benefit

Products and services

• Wasabi Protocol A leverage trading protocol enabling individual crypto traders to take long or short positions with up to 20x leverage across 820+ markets on meme coins, NFTs, and other digital assets on EVM and SVM chains.
• Wasabi Vaults

Quantifiable outcome

• 813% higher yield on majors compared to benchmark
• +2 more outcomes

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration8 records

Feature3 records

Partnerships

One partnership is on record.

• Virtuals ProtocolcoreTechnology or IntegrationVirtuals Protocol powered margin deposits for Wasabi. When Wasabi was hacked on April 30, 2026, Virtuals Protocol immediately froze deposits while confirming its own security remained intact.

Scale indicators10 records

Recent moves5 records

Expansion highlights5 records

Direct peers

• Hyperliquid: Decentralized perpetual futures exchange with on-chain order book offering up to 50x leverage on a broad set of assets. Directly comparable to Wasabi as a leveraged trading venue, though Hyperliquid leads on liquidity and infrastructure scale.
• GMX: Decentralized perpetuals exchange using GLP liquidity model on Arbitrum and Avalanche. Comparable to Wasabi's leverage trading model, with GMX offering real-yield LP mechanics similar in concept to Wasabi's vault program.
• dYdX: Decentralized perpetual futures exchange with off-chain order matching on Cosmos. Directly competes with Wasabi in the leverage trading category, though focused on majors rather than memecoins and NFTs.
• Drift Protocol: Solana-based perpetual futures DEX offering leverage trading. Directly comparable to Wasabi's SVM presence and Solana-native perps offering.
• Mango Markets: Solana-based leveraged trading platform offering perpetuals and spot margin. Closely comparable to Wasabi's multi-asset leverage offering on Solana, though both have experienced security incidents.
• Jupiter Perps: Solana DEX aggregator's perpetual futures product integrated into Jupiter routing. Directly competes with Wasabi for Solana-based leverage trading flow and is already an integration partner.
• Aevo: Decentralized derivatives exchange offering perpetual options and pre-launch token futures. Comparable to Wasabi in providing leveraged exposure to new/exclusive tokens including memecoins.
• Perpetual Protocol: Decentralized perpetual exchange using vAMM on Optimism. Comparable to Wasabi as a perpetual futures DEX serving crypto traders seeking leverage.
• Gains Network: Decentralized leverage trading platform on Arbitrum, Polygon, and Base offering synthetic leveraged trading. Comparable to Wasabi in providing multi-chain leveraged exposure to a broad asset set including memecoins.
• Kwenta: Decentralized perpetual futures exchange on Optimism using synthetic assets. Comparable to Wasabi as a perpetual derivatives venue targeting crypto-native traders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/wasabi_protocol

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds2 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Wasabi