# Whetstone Research

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/whetstone-research

- Industry: Software
- Headquarters: Washington, US
- Website: www.whetstone.cc
- Total disclosed funding: $9M
- Latest round: Seed (Jun 30, 2025)
- Investors on record: 4

## About

Based in the US, Whetstone Research engages in providing innovative solutions for on-chain markets, particularly through its products designed to enhance price discovery and liquidity in decentralized finance.Founded in 2024 in Washington, US, Whetstone Research specializes in developing solutions for on-chain markets. The company has secured USD 1.3 mn in pre-seed funding led by Variant, indicating investor confidence in its approach. Whetstone Research has executed a total of 2 deals, focusing on leveraging its innovative products to address market challenges.Whetstone Research Team specializes in innovative solutions for on-chain markets, focusing on two primary products: Doppler and Pure Markets. Doppler is a protocol designed for hyper-efficient price discovery and liquidity bootstrapping, operating within the Uniswap ecosystem. Its end use case addresses the challenges associated with determining asset prices and facilitating liquidity in decentralized finance (DeFi) environments. Pure Markets serves as a front-end application built on top of Doppler, simplifying user interactions with DeFi protocols and enhancing accessibility for both individual investors and institutional clients. The company targets a global client base, with particular relevance in regions actively engaging in cryptocurrency and blockchain technology, such as North America, Europe, and parts of Asia.Whetstone Research Team generates revenue through transaction fees associated with its products, particularly Doppler and Pure Markets. Clients utilize the Doppler protocol to execute trades, and fees are structured as a percentage of the transaction value, promoting a performance-based revenue model. Additionally, partnerships with liquidity providers may facilitate revenue sharing arrangements, where participants in the network benefit from enhanced liquidity provisions. The transaction structure emphasizes direct interactions between the firm and its users, positioning Doppler as a critical tool for traders and investors in the DeFi space. Revenue streams are anticipated to grow as user adoption increases and as new features are integrated into the platform.Whetstone Research plans to utilize the USD 1.3 mn raised in pre-seed funding to advance its product development, particularly focusing on new features for Doppler and Pure Markets. The company aims to expand into new geographic regions including Europe and parts of Asia by the end of 2025, targeting markets that are increasingly engaging with cryptocurrency and blockchain technology. The funding will support this expansion and enhance the overall user experience across its platforms.

## Funding rounds

- Seed, Jun 30, 2025, $9M — Pantera Capital, Coinbase Ventures, Variant, Figment Capital

## Investors

- Pantera Capital (https://capitalatlas.ai/funds/pantera-capital) — Seed
- Coinbase Ventures (https://capitalatlas.ai/funds/coinbase-ventures) — Seed
- Variant (https://capitalatlas.ai/funds/variant) — Seed
- Figment Capital (https://capitalatlas.ai/funds/figment-capital) — Seed