Cross-Margin Meets DeFi

This upgrade targets one core institutional problem: capital efficiency. Investors can now use traditional portfolios as collateral. They can enter DeFi markets through Ripple Prime’s secure infrastructure.

The system builds on Ripple’s $1.25 billion acquisition of Hidden Road. It keeps centralized risk controls in place. Chaos stays outside. Ripple Prime clients access liquidity through one counterparty. They no longer need complex wallet setups. This marks a key step for institutional adoption.

Hyperliquid’s Liquidity Pull

Hyperliquid now processes more than $200 billion in monthly trading volume. That scale makes its inclusion in Ripple Prime feel inevitable. By mid-January, open interest passed $5 billion. The exchange has become one of the strongest onchain liquidity venues for institutional traders.

Through Ripple Prime, this depth now extends into tokenized commodities and prediction markets. The result is a broader investment surface. HYPE has shown relative strength during market volatility. Expectations around XRP continue to build. Together, they keep attention on the market impact of this integration.

Company Next Phase

Earlier this year, Flare launched the FXRP spot market on Hyperliquid. That move hinted at Ripple Prime’s roadmap. Today, company is moving beyond retail payments. It is becoming a central hub for institutional digital asset operations.

With Hyperliquid support, Ripple Prime sends a clear signal. DeFi speed now meets traditional market discipline. Onchain liquidity is turning into a standard tool for market makers and hedge funds. Ripple’s role in modern financial infrastructure is becoming harder to ignore.

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Project Concept

Lighter is a fully verifiable decentralized perpetual futures and spot trading platform built on Ethereum using a custom ZK infrastructure.

The project addresses a key problem in DeFi: combining the speed and efficiency of centralized exchanges with the security and transparency of on-chain decentralized trading. All trades, including order matching and liquidations, are cryptographically verified using zero-knowledge (ZK) proofs on Ethereum.

How the Platform Works

Lighter operates as a ZK-rollup perpetual DEX with the following flow:

• Users place orders on ETH, USDC, or other supported assets.
• Custom ZK circuits match orders and evaluate risks.
• Trades are batched and verified with SNARK proofs, then submitted to Ethereum.
• Liquidations and funding are managed via Chainlink oracles; isolated and cross margin supported, with leverage from 3x–25x.

The platform is compatible with the Arbitrum network and operates in a non-custodial and permissionless manner. On Lighter, market makers earn revenue from the spread by providing liquidity, while takers pay a taker fee for executing trades.

Team and Founders

• Founder & CEO – Vladimir Novakovski: Graduated from Harvard at 18 and became CEO at 22. Previously co-founded the AI social network Lunchclub, which pivoted to focus on Lighter. Extensive experience in engineering and trading.
• Engineering Lead – Emin Ayar: Core team member responsible for developing the platform’s technical infrastructure.

The team brings DeFi and blockchain expertise to build a high-performance perpetual trading platform.

Investors and Key Partners

Lighter is backed by prominent crypto and tech investors:

• Founders Fund
• Haun Ventures
• Ribbit Capital
• Andreessen Horowitz (a16z)
• Lightspeed Ventures
• Dragonfly Capital
• Robinhood Markets (partner)

These partnerships enhance the project’s credibility and long-term potential.

Governance

Currently, Lighter is centrally governed by the team and investors. The token (LIT) has not yet been launched, so DAO or token-based governance is inactive. Future token release may enable community-led decision-making.

Roadmap

While a public roadmap is limited, recent developments and funding milestones include:

• 2022–2024: Setup, seed funding, and testnet launch.
• 2025 Q1–Q3: Public mainnet launched, perpetual products expanded (ICP, FIL, STRK) with FX and equity perps added (GBP/USD, AAPL, NVDA).
• 2025 Q4: Spot trading mainnet live (ETH/USDC), mobile integration, and RWA expansion (commodities, equities).
• Future: Institutional APIs, multi-chain derivatives, token generation event (TGE), and monetization tools.

The platform has 500,000+ users and cumulative trading volume exceeding $279 billion.

Token Information

• Total Supply: 1,000,000,000 LIT
• Max Supply: 1,000,000,000 LIT

Token Use Cases

Although the token is not yet released, potential use cases include:

• Platform governance
• Liquidity incentives
• Community and trading rewards
• Converting the points program into a token economy

Currently, rewards are distributed through the points system.

Ecosystem

Lighter’s ecosystem includes:

• Perpetual futures infrastructure
• Points reward program
• Layer 2 zk-rollup protocol
• Cryptographically verifiable order matching and liquidations
• Developer tools and API support
• Community channels (X/Twitter, Discord)

Performance and Features

• Scalability: Tens of thousands of orders per second with millisecond latency.
• Efficiency: Zero fees for retail, HFT-optimized infrastructure, custom ZK circuits.
• Verifiability: All trades are publicly verified via SNARK proofs.
• Security: Ethereum-based, non-custodial, MEV-protected.
• Multi-Market Support: Perps, spot, FX, equity, and RWA; leverage 3x–25x, isolated margin, funding.
• Institutional Tools: Low-latency APIs, liquidity pools, Chainlink integration.
• Mobile & Integrations: Liquid mobile access, automated liquidation via XLP.

Official Links

• Website
• Twitter
• Telegram
• Discord

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Toly’s New Perpetual DEX Initiative

According to shared information, Yakovenko’s personal GitHub account hosts a newly discovered repository called “Percolator.” The repository description states, “A sharded perpetual exchange protocol for Solana,” suggesting the development of a continuous contract-based decentralized exchange protocol on Solana.

The project includes modules like Router Program and Slab Program, indicating a scalable DEX architecture designed for low-latency execution. While there is no official confirmation whether Yakovenko is directly a co-founder or lead developer of this DEX, developers and analysts in the SOL community interpret his active GitHub contributions as a strategic step for the Solana DeFi ecosystem.

GitHub Code Updates Draw Attention

Yakovenko’s commits under the username “aeyakovenko” include code related to perpetual trading mechanisms, liquidity pools, and match engine modules.
Contributors to the GitHub repository include aeyakovenko (Anatoly Yakovenko) and claude (Claude). This highlights Yakovenko’s active role in the development process and suggests the project may still be in a test phase.

Meanwhile, the BULK team recently raised $8 million in seed funding for another Solana-based perpetual DEX, with Yakovenko listed among the investors.

Many users and developers also view Toly’s initiative as the start of a new era of decentralized perpetual exchanges on Solana. However, until official announcements are made, the project should still be considered an early-stage initiative.

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The post Toly Launches New Perpetual DEX on Solana! appeared first on Coin Engineer.

What is Adrena (ADX)?

Adrena is a decentralized, open-source exchange for spot and perpetual trading with low swap fees and zero price impact. Users can trade directly from their wallets without creating accounts or depositing assets. A multi-asset pool provides liquidity providers (ALP holders) with income from lending to traders, swap fees, and token incentives. It operates on a two-token model: $ADX (governance token) and $ALP (LP token). $ADX enables governance through the Adrena DAO and 20% revenue sharing; $ALP earns 70% of the platform’s revenue. Dynamic pricing is powered by Chaos Labs, and operations are supported by open-source Rust Keepers based on Yellowstone GRPC.

Purpose of Adrena (ADX)

As Solana users and blockchain enthusiasts, Adrena’s creators, frustrated with inequitable token economies, aim to deliver a fair platform. It shares 100% of revenue with token holders, creating incentives beyond speculation. Rewards are direct, without points, complexity, or gimmicks. Linear, predictable emissions align everyone—team and investors included—for the long term. A low FDV fosters a natural upward environment driven by usage and scarcity. Early and active users are rewarded, and governance is handed to users with 1 ADX = 1 vote.

Adrena leverages Solana for speed and efficiency, utilizing RPCs, priority TX, and optimized on-chain instructions. It prioritizes simplicity, maintaining a GMX-inspired perpetual trading venue without feature creep. It is composable and widely integrated, growing the ecosystem through a grants program. Resilience is ensured with consistent audits (Ottersec launch audit) and open-source code; an Immunefi bug bounty program encourages community security. Transparency eliminates governance backdoors; vesting tokens provide initial team control, transitioning to the community via emissions.

How Does Adrena (ADX) Work?

Adrena operates on a peer-to-pool perpetual model, where liquidity providers (ALP holders) lend to traders, enabling zero-slippage trading.

Peer-to-Pool Model:

• Long Trade: Users borrow margin from the pool for leveraged long positions (no actual borrowing; assets are locked).
  • Success: Trader profits, the pool loses long exposure but earns fees.
  • Failure: Liquidation releases locked exposure, and the pool earns fees.
• Short Trade: Users borrow stablecoins from the pool for up to 100% max profit; short positions have limited upside.
  • Success: The pool pays stablecoins but earns fees.
  • Failure: Liquidation releases locked exposure, and the pool earns fees.

The model operates as PvE (trader vs. pool); losses don’t go to the pool, and revenue comes from fees. The pool’s size limits trading, managed by Chaos Labs dynamic pricing (April 2025 pull model) and MrSablier keepers (liquidation, SL/TP, staking).

No Liquidation Fees: Liquidations incur only standard closing fees; no extra fees, as PvE liquidations are optimal for the pool (except for fee loss).

Usage:

• Zero-Slippage Trading: Peer-to-pool model for permissionless, slippage-free trading.
• Liquidity Provision: ALP holders earn 70% revenue share from the pool.
• Governance: $ADX enables DAO voting.
• Staking and Locking: Duration-locked $ADX offers additional rewards and voting power.

Steps:

1. Connect a wallet and trade directly.
2. Open perpetual positions with 100x leverage.
3. Provide liquidity with ALP to earn fees.
4. Stake $ADX for governance participation.

Advantages of Adrena (ADX)

• Fairness: 100% revenue sharing, linear emissions.
• Speed and Efficiency: Solana’s zero-slippage, optimized instructions.
• Simplicity: User-friendly, no feature creep.
• Composability: Ecosystem growth via grants.
• Resilience: Audits and bug bounties.
• Transparency: Smart contract governance, no backdoors.

Adrena (ADX) Tokenomics

$ADX: Governance and Revenue Sharing Token. Total Supply: 1,000,000,000 (6 decimal precision).

• Economic Benefit: 20% fee share in USDC; locked $ADX earns extra rewards and multipliers.
• Governance Benefit: 1 $ADX = 1 vote; staking enables voting, locked $ADX provides multipliers.

Staking and Locking: Liquid staking yields USDC and voting rights; locked staking offers additional yield and vote multipliers based on duration.

Premature Unlocking: Locked $ADX can be unlocked with a 15-40% penalty based on remaining duration; penalties are burned.

Distribution:

• DAO Ecosystem Incentives: 55%
• Early Contributors: 36%
• Adrena Foundation: 5%
• CEX/DEX Liquidity: 4%

Detailed Distribution:

• Launch Team: 21.33%
• Pre-Seed: 4%
• Seed: 8.67%
• Strategic: 2%
• Liquidity Mining – ALP: 15%
• Liquidity Mining – Staking: 10%
• Partnerships/Marketing: 10%
• DAO Treasury Reserves: 7%
• Community Grants: 8%
• Genesis Liquidity Program: 5%
• Foundation Development: 5%
• CEX/DEX Liquidity: 4%

$ALP: Pool collateral LP token; minted on deposit, burned on redemption. Fees vary by pool asset ratios.

• Economic Benefit: 70% fee share increases pool assets, raising $ALP value.
• Genesis Lock ALP: 6-month locked class at launch, earns extra $ADX distribution.

Shadow Governance Token: Operates with Solana’s governance program; $ADX staking provides voting rights, locked $ADX offers multipliers. Smart contracts control mints, integrated with Realm.

Adrena (ADX) Partners

Adrena is supported by partners including Forgd, Syntax, Littleunusual, Autonomous, Jito, BONK, Overclock, Osec, and Triton.

Official Links

• Website
• X (Twitter)
• Whitepaper

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CZ Support and Whale Buys Drive Price Up 

Aster quickly emerged among decentralized perpetual trading platforms. CZ praised Aster on social media, highlighting its multi-chain support beyond BNB Chain. These statements drove demand for the token rapidly. 

Data shows a whale spent $2 million to purchase 1,825,000 ASTER, leveraging Aave to boost the position. Additionally, trader @CookerFlips invested $1.24 million over three days and withdrew $6.7 million worth of tokens, netting over $5 million in profit. Consequently, Aster became the center of attention for both investors and speculators. 

Aster Surpasses Hyperliquid in TVL 

According to DeFiLlama, Aster’s total value locked (TVL) reached $886.65 million, surpassing Hyperliquid’s $681 million TVL. However, Hyperliquid still leads in monthly trading volume and open positions. On September 17, 2025, Aster (ASTER) traded at $0.09971, rising to $1.8694 by September 21, 2025—a 1,772% increase and a daily gain of 19.05%. 

Aster is not limited to BNB Chain and supports multiple chains, offering hidden order features that differentiate it from other perpetual DEXs. These innovations attract investors and push the platform’s annual revenue toward $70 million. 

CZ Effect and Future Outlook 

Previously linked to the Binance ecosystem, Aster received investment from YZi Labs (formerly Binance Labs) last year. CZ’s endorsements and the platform’s multi-chain capabilities drew attention to Aster. 

The token’s rapid rise positions it as a potential leader in the perpetual DEX market, while the crypto community closely watches new strategies and interest in the platform. This trend provides important insights into altcoin opportunities and investment signals. 

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Orderly is a unified trading infrastructure developed for decentralized exchanges (DEXs). It offers an on-chain and decentralized version of the traditional order book system and high liquidity. 

Without a native front-end, Orderly acts as a powerful infrastructure layer that other projects can build on. This allows developers to quickly launch their own trading applications while saving time and capital. 

In the future, Orderly aims to become an omnichain protocol that unifies users across both EVM-compatible and non-compatible blockchains under a single shared order book. 

Use Cases 

Brokers: Launch your own perpetual futures DEX on EVM or Solana easily.
Perpetual Aggregators: Access Orderly’s unified liquidity across platforms with one frontend.
Wallets & Custodians: Provide users with the best swap rates using Orderly-powered widgets.
Professional Traders & Trading Desks: Experience CEX-level performance via low-latency order books.
Games & dApps: Enhance in-game swap features and boost user interaction.
Trading Bots: Access top-tier perpetual rates with SL/limit orders, gasless transactions, and flexible fees.
Hedging: Hedge positions from other exchanges using Orderly’s order book. 

The Omnichain Vision 

• Despite DeFi’s growth, cross-chain fund transfers remain slow and complex. Orderly will enable users to trade across blockchains through a single order book without needing bridges.
• This means users only need to deposit funds once to start trading instantly.
• Developers can also leverage omnichain advantages to create powerful, flexible DeFi apps.
• Think of it as merging crypto’s separate “banks” into one fast and accessible “main branch.” 

Orderly Founders 

Orderly was founded in 2022 by Ran Yi and Terence Ng, seasoned experts in crypto and finance. 

• Ran Yi – Co-Founder (CEO) 
• Terence Ng – Co-Founder (CTO) 
• Arjun Arora – COO 
• Drew Pierson – Chief Vibes Officer 
• Andrey Lazorenko – Advisor 

Their vision is to offer pro-level trading infrastructure in DeFi while ensuring users maintain full control of their assets. 

Orderly Ecosystem 

• Orderly has a dynamic multi-layered ecosystem: 
• Developers: Use SDKs and APIs to build quickly. 
• Market Makers: Provide deep liquidity and reduce volatility. 
• Trading Bots: Automate strategies to boost liquidity and volume. 
• Wallets & Custodians: Offer secure trading with optimal swap rates. 
• DEXs: Build high-liquidity trading platforms on Orderly’s backend. 

Key Features & Benefits 

• Unified Order Book & Liquidity: Trade on all major chains via a single order book. 
• Fast Development: Launch in 1–2 weeks using APIs and SDKs. 
• Built-in Liquidity: Leading market makers ensure deep, constant liquidity. 
• Fully Decentralized & Transparent: On-chain trades with full user control. 
• Gasless Trading: After initial deposit, trading costs are minimized. 
• Omnichain Future: Cross-chain users trade on one book without bridging. 

Investors & Partners 

Since its 2022 launch, Orderly has raised over $25 million from top-tier investors: 

• Pantera Capital – Crypto and blockchain VC leader. 
• Jump Crypto – A key trading/investment firm in crypto. 
• Sequoia China – Global VC powerhouse. 
• Dragonfly Capital – Focused on crypto/blockchain investments. 
• OKX Ventures – Investment arm of major exchange OKX. 
• Laser Digital (Nomura) – Digital arm of banking giant Nomura. 
• Also supported by Bybit (Mirana Ventures), Amber Group, IOSG Ventures, GSR, and others. 

What Is ORDER Token? 

$ORDER is the native token of the Orderly ecosystem. It’s designed to support decentralization, growth, user engagement, and economic stability. 

Its tokenomics ensure a sustainable ecosystem by promoting governance, staking, liquidity, and community rewards. 

$ORDER Token Utility: 

• Governance: Vote on platform proposals. 
• Earn VALOR: Stake to earn rewards from protocol treasury. 
• Boosted Rewards: Staked traders and makers earn more. 
• Future Use Cases: More DeFi applications will integrate $ORDER. 

Roadmap 

2022: Mainnet Alpha/Beta launch, wallet support.
2023: Launch of perpetuals, on-chain order book, lending, swaps, options, asset bridging.
2024: Smart contract trading, TP/SL orders, DEX listings, strategy vaults, Solana integration.
2025: Staking on Solana, multi-collateral leverage (ETH, SOL, stETH), new order types (TWAP, Pegged, Scaled), full omnichain rollout. 

$ORDER Token Details 

Token Name: $ORDER 

• Total Supply: 1 Billion 
• Max Supply: 1 Billion 

Uses: Governance, staking, liquidity, rewards. 

Token Allocation: 

• Airdrop: 13.3% 
• Trading rewards: 15% 
• Maker rewards: 10% 
• Developer incentives: 8.35% 
• Future products: 8.35% 
• Strategic investors: 15% 
• Team & advisors: 20% 
• Foundation: 10% 

Socials 

• Website
• Discord
• Telegram
• Twitter

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