Wasabi is a decentralized NFT options protocol. It utilizes option liquidity pools that hold NFTs and ETH (or token) pairs to issue options. Each option is American-style and is fully collateralized. The option positions are represented as NFTs and can be traded on the open market. The options can be exercised, which allows the owner of the option to buy or sell a specific NFT at a predetermined price within a certain time frame.

Zellic conducted a security assessment for Wasabi from March 27th to March 30th. During this engagement, Zellic reviewed Wasabi's code for security vulnerabilities, design issues, and general weaknesses in security posture.