Whetstone Research

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. Based in the New York, US, founded by Austin Adams, Whetstone Research specializes in developing solutions for on-chain markets. In Q2 2025, Whetstone Research raised USD 9 million in seed funding led by Pantera Capital, with participation from Coinbase Ventures. Variant and Figment Capital also participated in the round.

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 9 mn raised in seed funding to expand into self-serve markets, support larger token generation events, and deepen integrations across the on-chain ecosystem.