Doppler Raises $9M Seed Round to Build Default Infrastructure for Tokenized Assets

Doppler Secures New Funding Round, Advancing Tokenized Asset Infrastructure

(Source: dopplerprotocol)

Doppler, an on-chain protocol for token creation and issuance, recently closed a $9 million seed round led by Pantera Capital, with participation from Variant, Figment Capital, and Coinbase Ventures. Whetstone Research completed the funding in a single transaction during Q2 2025, opting to announce it publicly only upon entering the next stage of growth.

Previously, Whetstone Research raised $1.3 million in a Pre-Seed round led by Variant and supported by Uniswap Ventures, Nascent, and Credibly Neutral.

What Is Doppler? An On-Chain Protocol Purpose-Built for Token Issuance

Doppler is a flagship product from Whetstone Research, designed as an on-chain protocol for token creation and market launch. It streamlines the entire process for project teams—from token deployment to establishing market liquidity. Since launching nine months ago, Doppler has become a leading token issuance tool within the Base ecosystem and is planning to expand to additional blockchain networks and asset classes, aiming to set a universal cross-chain issuance standard.

Beyond Token Launch—A Market Structure Solution

Unlike platforms focused solely on rapid token launches, Doppler’s core value lies in market structure and price formation mechanisms, not just lowering issuance barriers. The team emphasizes that Doppler delivers a standardized, audited solution that can be swiftly integrated, enabling projects to complete their issuance process in about two weeks. It also offers built-in integration with aggregators, data platforms, and routers, ensuring new assets enter mainstream liquidity networks immediately.

Unified Interface for Multiple Issuance Processes

Doppler consolidates infrastructure tasks that traditionally took months into a single streamlined workflow, including:

• Token deployment and allocation mechanisms
• Lock-up and unlocking rule design
• Initial liquidity establishment
• Governance and fee routing
• Price discovery auction mechanisms

Its price discovery auction system stands out by minimizing the impact of sniping trades and establishing protocol-controlled liquidity pools from day one, allowing project teams to focus on product development rather than market technicalities.

Prioritizing Asset Quality in the Market

Despite the daily influx of new tokens, the Doppler team believes the market is not saturated; rather, high-quality, investable assets remain scarce. According to team data, Doppler facilitates the creation of over 40,000 assets each day, representing more than $1.5 billion in asset value and driving over $1 billion in total trading volume.

Revenue Model and Team Overview

Doppler’s business model is primarily based on asset trading fees. Regardless of where the asset is ultimately traded, if it’s issued via Doppler, the protocol shares in the revenue. Whetstone Research’s team consists of around 10 members, mainly located in New York, and is actively recruiting protocol engineers and researchers to expand technical and product capabilities.

Three Distinct Brand Platforms

Whetstone currently operates three brand platforms:

• Doppler.lol: Focused on liquidity launches and asset issuance
• Pure.st: A high-quality, permissionless asset exchange interface
• Whetstone.cc: The central hub for research and capital structuring

These domains reflect each product’s unique role within the ecosystem, representing a comprehensive approach to tokenized asset infrastructure rather than extensions of a single product.

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Summary

Doppler is positioned as more than just another token issuance tool—it aims to become the foundational market engine for the tokenized asset era. By redefining the standard process for new assets entering the on-chain market—from issuance mechanisms and price discovery to liquidity structures—Doppler is set to influence how the next generation of on-chain assets are formed and their market quality, as the crypto sector shifts from quantity expansion to quality competition.