Thruster Finance, a decentralized exchange protocol operating on the Ethereum Layer 2 network Blast, has secured $7.5 million in a seed funding round, elevating its valuation to $70 million.

Pantera Capital led the funding round, with significant participation from OKX Ventures, Mirana Ventures, ParaFi Capital, Manifold Ventures, and Arche Fund (formerly Coin98 Ventures). Notable angel investors, including Santiago Santos, Sam Kazemian (founder of Frax), TN Lee (founder of Pendle), Alex Lin (founder of Stacked), Kratik Lodha (founder of Renzo), and Georgios Vlachos (founder of Axelar), also joined the round.

The seed round, structured as a simple agreement for future equity (SAFE) plus token warrants, saw rapid closure within a month after commencing fundraising in late February. This round signifies strong investor confidence in Thruster's potential within the burgeoning DeFi landscape.

Launched in March as a yield-first decentralized exchange on Blast, Thruster has quickly emerged as the second-largest DeFi protocol on the Ethereum Layer 2, boasting a total value locked (TVL) of $320 million. With over 100,000 users and nearly $2 billion in trading volume within two months of its launch, Thruster has established itself as a prominent player in the decentralized finance sector.

Thruster operates as a deep liquidity hub for Blast-native assets, offering a diverse range of tokens with plans for further expansion as Blast protocols unveil their tokens. Its integration-first approach, coupled with native yield opportunities offered by Blast, sets it apart from competitors like Ambient.

Looking ahead, Thruster aims to strengthen its partnerships and integrations while enhancing user interface and experience to rival centralized exchanges. With a roadmap focused on expanding liquidity provision across DeFi and NFTFi sectors, Thruster is poised for further growth and innovation in the evolving crypto ecosystem.