Project
Onchain perpetual futures exchange, one of the order-book venues that dominate decentralised derivatives volume.
Lighter and Axiom launched an EVM devnet with one-second blocks that lets smart contracts place orders on Lighter's perpetuals and spot markets. Its docs list three limits, so teams can build order logic but cannot test recovery in full.
Reality
Robinhood Chain's daily transactions have fallen more than 40% since mid-September, barely three months after the network went live. Robinhood paid customers' swap fees through the whole slide, so the money users still keep parked on the chain is the better test of it.
Perspective Coverage
3 publishersReality
Citrini Research's 79-page report argues fee-collecting platforms and protocols could gain more from tokenization than bitcoin or ether. Even if bitcoin and ether set new highs, the report says, there are better ways to bet on tokenization.
Reality
trade[XYZ] and Variational hold about 84% of the record $5.78 billion in open interest on on-chain perpetual futures tracking stocks and commodities. The leader had the whole market at the start of the year and holds two-thirds now, so its share is falling while its book keeps growing.
Reality
Spot trading on centralized crypto exchanges rose 20% to $973 billion in September, a gain of about $162 billion. That beat exchange perpetuals on both dollars and growth rate, though the quarterly record still points traders toward perps and DEXs.
Reality
Decentralized exchanges handled $48.7 billion of tokenized stock trades in a year, against roughly $3.2 billion to $4.4 billion of the stock in existence. Much of that trading ran through a few ETF-linked tokens, so the figure mostly measures churn in a small float.
Reality
CFTC Chair Mike Selig says his agency will write crypto rules under existing law, with two prerules already filed at the White House. Decrypt's newsletter argues the agency can reach leveraged products such as perpetual futures, while spot trading still needs Congress.
Reality
DefiLlama's tracker puts Variational's still-private Omni app third for daily perps volume, and every one of those trades is priced by the protocol's own liquidity provider, which keeps about a fifth of the spread it captures.
Reality
Open interest reached $14.669bn while builder-deployed HIP-3 markets shrank by about $200m, so core perps added roughly $4bn in a month, and core routes about 99 per cent of its fees into HYPE buybacks.
Reality