The problem Wasabi solves

The Problem

Traders forfeit yield to stay ready to trade.

Wasabi is an onchain leverage app with native yield. We remove the tradeoff between earning yield and trading with leverage by combining both in one venue. Trades settle transparently onchain through AMMs, not market makers, and any token with liquidity can be listed instantly.

On most perps, idle margin and collateral earn 0%. To capture yield, traders park funds in lending protocols - then juggle bridges, approvals, and extra wallets. That fragmentation adds gas costs, reaction time, and operational risk. Our analysis of the top 20 Hyperliquid wallets shows 6 wallets (30%) are also actively deposited on Aave/Morpho; those 6 alone drove $5.74B of $325B monthly volume (~1.8%). Many of the remaining “clean” HL-only wallets likely hold yield positions at separate addresses. Even among the heaviest traders, the demand for yield is clear: Yet today it requires leaving the trading venue.

The Solution

We remove the trade-off between earning and trading by making your capital productive inside the venue:

• Earn while you trade. Single-asset vaults pay market-driven borrow fees on your collateral: No IL, no lock-ups, 0% deposit fees. APY is transparent and never inflated with points, although users earn those too.

• AMM-settled perps on Base. Positions open/close on-chain through AMMs (not market makers), with instant, transparent settlement. Any token with onchain liquidity can be listed quickly.

• One venue, fewer hops. Deposit once on the Base mini-app, trade and earn in place, cut approvals/bridges, and keep reaction time tight.

Why now?

Perps volume keeps compounding, but trader capital is split across DEXs, lenders, and bridges. Wasabi reunifies that flow: Trade when you want. Earn the rest of the time. All without leaving the chain or the app.
Mobile perps are here - the Hyperliquid x Phantom integration shows there’s a clear demand for leverage on mobile. Wasabi’s is building the all-asset leverage trading mini-app inside the everything (Base) app.

Challenges we ran into

• Risk Management. One of the key challenges we face is managing risk while listing fast-moving, long-tail assets. Wasabi’s proprietary risk engine actively calibrates trading parameters including open interest, funding rates, and leverage caps for every token we onboard. This allows us to safely support any asset above a $5M market cap, even as trends shift quickly onchain. To further safeguard depositors, we maintain an insurance fund and have completed 6+ independent audits, ensuring that the leverage infrastructure behind trending assets is both secure and resilient.

• Liquidity bootstrapping. LPs want single-asset safety; traders want depth. We committed to single-asset vaults that earn borrow fees and avoid IL, plus separate, on-top rewards (Wasabi Points) for community growth - never blended into inflated APY numbers. However, this approach is liquidity incentive and we had to bootstrap from the ground up. Since May, we have grown our TVL by 436.1% to $9.77M TVL.

• Simplicity vs. Power. We had to choose between shipping a full perps + earn experience on day one or keeping the first version ruthlessly simple. We launched earn-only first to prove reliability, remove cognitive load, and avoid mixing trading risk with passive yield in the same flow.

• Gas & flow minimization on mobile. Even on L2, multiple approvals and hops kill adoption. We collapsed steps into one-swipe deposits inside Base, optimized contract calls, implemented a Paymaster to cover users’ gas costs and trimmed every non-essential permission so micro-deposits feel viable.

• **Small screen, big clarity. **The Base mini-app canvas forces prioritization. We redesigned our deposit flow so a first-time user can complete a deposit without needing DeFi context.

What’s next: We’re bringing leverage trading into the mini-app as a distinct mode, while keeping Earn as the zero-stress starting point.

Smart Contract Address(es)

• Base USDC Vault: 0x1c4a802fd6b591bb71daa01d8335e43719048b24
• Deployer: 0x5C629f8C0B5368F523C85bFe79d2A8EFB64fB0c8
• Long Pool: 0xbDaE5dF498A45C5f058E3A09afE9ba4da7b248aa
• Short Pool: 0xa456c77d358c9c89f4dfb294fa2a47470b7da37c

Other Onchain Proof

Our public Base dashboard: https://wasabidata.grafana.net/public-dashboards/0dd2d3f2301d44f0b549eb78c13d7de9

Some generic growth metrics:

• $44.8M volume in total, monthly volume increasing 7851.7% since may to $27.8M
• All volumes settle onchain, meaning more volume and fees for the Base ecosystem. For example $97.4k in fees for Virtuals
• Support for Base native assets such as $AERO, $BANKR, $MAMO, $KTA, $ZORA.
• Earn vaults providing yield across stables, majors and Base culture. This creates sticky TVL. For example, 30-day average yields of 14.44% yield on USDC (the highest single-sided stable yield with TVL above $7M), 11.9% on ZORA. 436.1% growth on base since May to $9.77M TVL.