# What's Wasabi

Wasabi lets you long, short, swap, and earn on your favorite tokens with up to 20x leverage. More exclusive listings than any other platform. You found the edge. Cash it in with size.

Every leveraged position on Wasabi is backed by the real underlying token, not a synthetic contract. When you open a long on ETH, the protocol holds actual ETH as your collateral. No counterparty risk.

Wasabi is built on three core components:

**Prop AMM:** A proprietary automated market maker that actively quotes tight spreads onchain. Integrated with aggregators like 0x, KyberSwap, and Base App, the Prop AMM is one of the liquidity sources powering swaps and leveraged trades on Wasabi.

**Margin Engine:** Traders borrow from vaults to open leveraged positions backed by real underlying tokens.

**Multi-Asset Vaults:** Depositors earn real yield from trading activity and borrow demand. No impermanent loss. When a new token is supported in a vault, it becomes immediately available for both earning and leverage.


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