Wasabi is an asset-backed leverage trading protocol allowing users to long, short, and earn on tokens, starting with meme coins and NFTs. It provides security by holding the asset spot while leveraging, offering advantages for hedging, earning, and speculation. Wasabi utilizes asset-backed derivatives to ensure users benefit from the unbound upside potential of long-tail assets. It also includes features for NFT fractionalization, trading options, staking, and liquidity aggregation.