Author: Nicky, Foresight News
On September 15, 2025, the native token AVNT of the Base ecosystem derivatives protocol Avantis officially launched on South Korean exchanges Upbit, Bithumb, and Binance's main site. Previously, the token had already been listed on platforms such as Binance Alpha, Coinbase, Bitget, and Bybit on September 10. The price of AVNT nearly doubled within 24 hours, attracting market attention.
From 0 to the Largest Derivatives Protocol on Base: Two Years of Accumulation for Avantis
Avantis is a decentralized derivatives protocol based on the Base chain, focusing on perpetual contract trading, supporting synthetic derivatives trading for assets such as cryptocurrencies, foreign exchange (FX), commodities (gold, crude oil, etc.), and U.S. stock indices, with a maximum leverage of up to 500 times.
Since its mainnet launch in February 2024, its cumulative trading volume has exceeded $22 billion, with an annualized trading volume of over $60 billion, serving more than 41,000 traders, and the number of liquidity providers (LPs) surpassing 25,000, with open interest reaching $25 million and cumulative fees exceeding $7.4 million.
Currently, the platform's 24-hour trading volume is $169 million, with a total locked value (TVL) of $16.75 million, where the TVL for the Junior Tranche (LP pool bearing 65% of losses) and Senior Tranche (LP pool bearing 35% of losses) is $10.6 million and $6.14 million, respectively.
Behind these numbers is Avantis's exploration of a "Universal Leverage Layer." The platform has reduced the cost of high-frequency trading through innovative features such as "Zero-Fee Perpetuals" and "Loss Rebates," while also providing loss protection for LPs (by hedging public positions, the platform promises LPs long-term positive returns).
The protocol adopts a unique risk-layering model, allowing liquidity providers to choose funds with different risk levels. The junior fund bears the highest 65% loss risk and shares 65% of the fee revenue; the senior fund bears up to 35% loss risk and shares 35% of the fee revenue.
Currently, the annualized return for the Junior and Senior Vaults is about 20% (locked for 180 days), and additional XP subsidies are provided to attract long-term participation.
Team and Financing
Avantis is developed and operated by Lumena Labs, with a core team of seasoned professionals from the DeFi, finance, and technology sectors. Co-founder and CEO Harsehaj Singh previously managed consumer infrastructure and DeFi project investments at Pantera Capital and graduated from the Haas School of Business at the University of California, Berkeley; co-founder and CTO Brank D has full-stack development experience in building trading systems and previously led the technical architecture for managing hundreds of thousands of users and billions of dollars in assets.
Other team members come from institutions such as McKinsey, Lazard, and Barclays, focusing on on-chain consumer product innovation, particularly in leveraged trading, risk infrastructure, and real-world assets (RWA).
On the capital side, Avantis's growth has received continuous support from institutions. In September 2023, the project completed a $4 million seed round of financing, led by Pantera Capital, with participation from Founders Fund, Galaxy Digital, Base Ecosystem Fund, and others; in June 2025, it secured another $8 million in Series A financing, co-led by Pantera Capital and Peter Thiel's Founders Fund, with participation from Symbolic Capital, SALT Fund, and other institutions. The total amount raised in both rounds reached $12 million, primarily used for technological upgrades (such as expanding to stocks, sports, and other asset classes), launching a custom EVM-compatible chain to enhance trading speed, and ecosystem development.
Token Economics and Distribution Mechanism
The total supply of AVNT tokens is 1 billion. The token economics design emphasizes a community-first principle, with 50.1% of the tokens allocated to the community and the remaining 49.9% allocated to the team, investors, and the foundation.
In the community allocation, 12.5% is reserved for the initial airdrop, rewarding users active in the protocol since February 2024; 28.6% is for on-chain incentives, with future XP seasonal rewards for liquidity providers, traders, and referrers; 9% is allocated to builders and ecosystem funding to support new front-end and application development based on the Avantis SDK.
The team and advisors receive 13.3%, with a 12-month lock-up period followed by a 30-month linear release period. Investors receive 26.61%, with the same long-term release arrangement to ensure ecosystem stability. The foundation reserves 4% as strategic funds and 6% as liquidity reserves for exchange marketing and market-making partnerships.
Market Makers: Liquidity Support from Institutions like Flowdesk
As a participant in the Series A financing, Flowdesk is an important market-making partner for the Avantis ecosystem. This digital asset trading company, headquartered in Paris, was established in 2020 and is regulated by the French Financial Markets Authority (AMF), providing liquidity services, over-the-counter trading, and fund management solutions, with technology deployed on Google Cloud to ensure security and scalability, covering CEX, DEX, and real-world asset liquidity. In March 2025, Flowdesk completed a $102 million financing round (including $52 million in equity/debt hybrid financing), led by HV Capital and others.
Ecosystem Development and Technological Advancement
Although Avantis has achieved significant results on the Base chain, it still faces the need for technical optimization. For example, due to the block speed limitations of the Base chain, the platform currently experiences delays in opening and closing positions and occasional order failures; zero-fee contracts have a profit cap (officially stated to be gradually removed as LP scale expands); the limit order take-profit and stop-loss functions do not yet support ratio settings; and mobile adaptation also needs improvement.
Avantis is building a developer ecosystem, providing an SDK toolkit that allows developers to access deep liquidity on the Base chain. It has already established partnerships with several projects, including Bankr (an AI agent for trading via tweets), Keyrock (institutional market maker), Pyth (oracle provider), and Nitrate (Telegram trading bot).
The protocol plans to undergo a comprehensive technical upgrade to improve the automated market-making mechanism to support any type of price feed, including gold, crude oil, and sports odds. Additionally, the project plans to launch a dedicated EVM-compatible blockchain to achieve a fast and gas-free trading experience.
These upgrades will be rolled out in the coming months in the form of Avantis v2, expected to bring a tenfold increase in capital efficiency, advanced trading features, and cross-margin support for real-world asset markets.
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