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Web3 Protocols.

The best on-chain trading experience available today. A custom L1 that genuinely rivals CEX performance — without requiring you to hand your keys to a centralized entity.

The OG perp DEX with a fully decentralized matching engine. Migrating to a sovereign Cosmos chain was a bold bet — and by most measures, it paid off.

The original blue-chip pool-based perp DEX. Zero price impact on execution is a genuine edge for large trades. Borrow fees, however, will quietly erode any long-term position.

The uncontested bedrock of DeFi lending. $15B+ TVL, zero exploits in years of operation, and genuinely clever innovations like eMode and GHO that have expanded what a lending protocol can do.

Pendle brought interest rate swaps to DeFi — a primitive that TradFi has used for decades. Buying PT is essentially a DeFi T-bill. Buying YT is leveraged yield speculation. Understanding the difference is everything.

Level Finance is a pool-based perpetual DEX live on BNB Chain and Arbitrum that mirrors the GMX model — but adds a tranched LP design (Senior, Mezzanine, Junior) that lets liquidity providers choose their risk profile. Trading fees are 0.1% on open/close with dynamic borrow rates, which is cheaper than GMX v1 but more expensive than Hyperliquid or dYdX. The platform is functional and well-engineered, but a May 2023 referral-contract exploit (~$1.1M) and a smaller user base relative to GMX, Hyperliquid, and dYdX mean it operates as a specialist option rather than a default choice. Best for BNB Chain natives who want on-chain perps without bridging, and for yield seekers who want tranched LP exposure with explicit risk tiers.