What is Adrena (ADX)?

Adrena (ADX) is a peer-to-pool perpetual DEX built on Solana, offering 100x leverage and 100% revenue sharing with token holders. It is a permissionless protocol within an open-source community framework. Adrena aims for long-term success through its dApp and tokenomics, ensuring users receive 100% of the platform’s revenue. Let’s explore what Adrena (ADX) is, how it works, and its key details.

Table of Contents

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:

Connect a wallet and trade directly.
Open perpetual positions with 100x leverage.
Provide liquidity with ALP to earn fees.
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

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What is Adrena (ADX)?