Multi-Asset Perps on Solana with a Peer-to-Pool model. 0% Slippage. 100x Leverage. Community Owned. 💉 $ADX: AuQaustGiaqxRvj2gtCdrd22PBzTn8kM3kEPEkZCtuDw
Solana
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- Following 134
- Followers 9,257
- Likes 12,917
Pinned Tweet
⚔️ The Forge is now LIVE ⚔️
$15,000 prize pool.
6 weeks of competition.
80% skill-based rewards.
20% raffle-based rewards.
Leaderboards, quests, and rewards across every level.
Trade now on adrena.trade/ranked 💉
Introducing The Forge ⚔️
A new 6-week long trading competition, starting Monday, May 18.
Compete for a $15,000 prize pool consisting of USDC, JitoSOL, and ADX.
Climb the leaderboard through skill, risk, consistency, and activity.
Featuring unique quests, special leaderboard objectives, and rewards across all ranking levels. 💉
Visit adrena.trade to prepare for The Forge.
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We are now part of Solana AgentKit ™️ from @sendaifun.
That means that your autonomous agents can now trade $SOL, $BTC and $BONK with up to 100x leverage.
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Airdrop SZN is here💉
How can you secure some free $ADX?
Below are some examples of qualifying actions that will continue to be tracked through the end of June:
- Your trading volume on Adrena
- Referred users volume from your referral links (share those links!)
Be sure to stay as active as possible on the platform. Who knows, there may be even more rewards! As usual, our “Real Time Airdrop” continues to emit free ADX every 6 hours to those who are staking both ADX and ALP.
More details soon!
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With heavy hearts but clear minds, we have decided to place Adrena Protocol into maintenance mode, effective immediately.
This means no new features will be developed by the founding team and Foundation, but the protocol will remain live: pools, vesting, staking, and the data pipeline will all continue to operate as usual for as long as necessary.
We plan to open source the platform so that others in the community can continue to build on top of it and we hope someone might be able to continue the vision or take it in a new direction.
In retrospect
When we started working on this project 3 years ago, the idea was to launch an innovative PERP DEX where transparency and fairness were keys. We envisioned 100% revenue sharing, a versatile "one size fits all" token, fair tokenomics and distribution, and a product focused on excellent UX with never-before-seen features like trading competitions, profiles, achievements, LST pools, leaderboards, and quests.
In a sense, we succeeded in creating that vision: in our first year, we generated $10M in fees, $8B in volume, and attracted 2,000 users. We ran successful trading competitions and saw our features copied across the ecosystem. We gave it our all, waking up every single day to work our hardest, and we never experienced a single exploit.
Perhaps most importantly, we never paid for engagement or followers. This principle rewarded us with a legendary, S-tier community that we genuinely enjoy engaging with daily.
Up and downs
We have been chasing funding for more than a year. We’ve had some amazing angels step up to help us along the way to keep the team fed, but unfortunately we were unable to close a deal large enough to sustain a long term runway.
The most recent shortfall: tariff Friday. We went to sleep closing a 2 week long deal and were ready to wake up to receive a year+ of runway, but unfortunately market conditions. Similar scenarios played out over the previous six months, totalling $5M in potential funding that never materialised.
We worked tirelessly to acquire users and liquidity. While we were often successful, it was never enough to achieve liftoff. Each serious market movement decimates our user base and our marketing wasn't good enough to sustain the need for traders. All along, the question we ask ourselves to make the platform better is: why would I trade on Adrena rather than X?
Lately, we are coming short of answers, and realistically of solutions; mainly because of the current airdrop meta and ultra heavy marketing, aspects on which we cannot compete.
Ethical on an uneven playing field
When we started 3 years ago, there were no GMX style perps on Solana, and Jupiter wasn't yet publicly working on perps.
Right now it is the Perps Dex meta, the competition has been ramping up continuously, and the competitors are very well geared (team size, funding). We have heart and courage, but that alone cannot prevail:
- Marketing: Without a performant marketing engine, we cannot sustain user acquisition (cf. users turnover mentioned prev.)
- LPers profitability. We have a peculiar trader population, better in quality than quantity. That is due to us trying to strike a balance between traders/lpers (no size fees and such). This is what other platforms dub as "toxic flow", which most of the time are just regular traders. In our experience even these end up losing, although they don't consistently lose. Larger platforms have an inflow of smaller users with a much higher loss rate, which bolsters the profitability of their LP tokens.
- Shenanigans: Hidden oracle spreads, Auto-Deleveraging (ADL), size fees, and enormous liquidation fees make it very hard to compete with other LP tokens that unlock the "UP ONLY" tech at the expense of half their user base. Many protocols take advantage of the complex mechanics of perp DEXes to bamboozle users, forcing others to either employ similar tactics or be less profitable. At Adrena we were fair from Day 1, no liquidation fee, no complex size fee but that didn’t bring traders as we expected it would.
- The Competition: Bulk, Hyperliquid, Bullet, Lighter, Pacifica, Aster—just to name a few, with more still in stealth. They have large teams pushing every day to improve their trading engines, limit orders, and support for new pairs. Adrena with a limited team cannot compete there due to its structure/organisation (tokenomics, funding model).
- Funding: Our tokenomics, though novel, ultimately hindered the protocol. Funding was difficult to secure because tokens were locked in vesting or staking contracts, making them unavailable to sell to new entities when we needed to grow. While our goal was to always have more ADX in the hands of our users, we ultimately should have reserved more token supply for the team/foundation to fund growth early on. We mostly founded the protocol ourselves over the past years, injecting over $2M of our personal funds.
Conclusion
For all the reasons above, we’re stopping active development of the protocol, and as mentioned, we will open source the front end and back end shortly after.
We are proud to have birthed Adrena, it is the result of our sweat and blood as we poured everything we had into it. During this journey, we were inches away from greatness more than once — market timing + our own tokenomics held us back.
Ultimately we fought against the odds for the past 10 months, knowing our trader population and issues to acquire LPers, hoping that our product would prevail. But we have come to accept that facts are facts, we’ve missed great opportunities and it is what it is.
We don’t plan on going anywhere and we are here to have any open discussion people wish to have. Transparency was one of our core tenets after all ;). And one last bit of info that hopefully adds to the story of our commitment, the cofounders of Adrena never sold any vested ADX.
🫡
The Adrena Team
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We are excited to kick off our 1st thread competition!
All you have to do is write a thread that provides an overview about Adrena!
We will be giving away 27,500 $ADX tokens in total to the winners!
Further details about the competition are below:
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A little over 60 days ago our trading platform went live… Today, we just passed our first $1 Billion in trading volume and $1 Million in fees paid out to token holders. 🫡 🚀 💉
ACCELERATE
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Max position size: $4,500,000
Slippage: 0%
Open fee: 0bps
Size fee: 0bps
Close fee: 12bps
Experience #OPOS UX and save on app.adrena.xyz
Exclusively on @Solana
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With Season One starting on Feb 1st, we want YOU to experience our labor of love.
To that end... two major changes:
- Reducing our fees from 12 bps to 8 bps (now the cheapest GMX style perps on Solana)
- Increasing rewards from 2m ADX to 5m ADX
This brings the total prize pool to $355,000*, including the 50k $JTO, courtesy of our exclusive sponsor @jito_sol.
Changes are effective today. Come get some!
(* prizes are paid in tokens, dollar value fluctuates)
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Welcome to Adrena.
A Solana-native, community owned perps DEX where 100% of revenue goes back to holders!
Over the next few weeks, we will start to release more information about the platform as we get closer to launch.
Here's a quick, high level of what you need to know.
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Looking for a new perps platform? Try Adrena!
Truly decentralized perps protocol where 100% of protocol fees go back to $ADX and $ALP stakers.
Trade today to be entered into our trading competition. Winners will receive a share of 2M $ADX & 25K $JTO.
Start Trading Now! 💉
app.adrena.xyz/trade?pair=SO…
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We've officially passed $500 million in trading volume! 💉
In addition, the protocol has accurred over $500K in fees since launch!
These are massive milestones, but jobs not finished...
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💉LIMIT ORDERS ARE FINALLY HERE! 💉
The wait is over, our most requested feature is now LIVE on app.adrena.xyz!
Set your entry and exit like a giga, automate your trades, and never miss a move again.🔥
🧵(1/3)
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Adrena has surpassed $1.5 Million in fees on the platform!💉
10% of this goes towards buying $ADX on the open market, and these buybacks will begin occurring soon.
You can track the buyback funds and all DAO proposals by visiting the link in the tweet below👇
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THE NEW REFERRAL PROGRAM IS LIVE! 💉
Now you can earn 10% of trading fees by bringing traders to Adrena!
Curious how much fees our traders generated previously? $3M in 4 months!
There is NO CAP, refer more, earn more.
🧵 (1/3)
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💉 $2 BILLION TRADING VOLUME ACHIEVED! 💉
More degen flow. More features. More incentives.
Next level loading...
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We're proud to have partnered with the @jito_sol team from day one by using jitoSOL instead of $SOL in @AdrenaProtocol liquidity pool 🤝
The pool's jitoSOL "liquid staking yield" capability generated ~$150k in value, helping drive $ALP's price to the current value of $1.41.
Currently, $12M worth of jitoSOL are in the pool and gaining an extra 8.77% APR for LPers.
This demonstrates the true potential of LSTs and DeFi.
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Deposits for the Genesis Liquidity Pool are now closed!
Thank you to everyone who participated! Because of you, we raised over $6.2 million from 289 unique wallets!
Below is a breakdown of what to expect over the next coming days👇
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$3M+ in fees in 5 months with $ADX at $3.6M MC (30% rev share), and y’all still fading?
What’s wrong with the fundamentals? 😭
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Here's a good place to start if you're building an #AI agent with the @solana Agent Kit by @sendaifun: docs.solanaagentkit.xyz/v0/f…
The Adrena Foundation will be rewarding the first agent that trades $10m volume or do $10k positive PnL with an $ADX grant worth 10k USD.
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The trading experience is about to be kicked up another notch thanks to @PythNetwork's Lazer. Faster execution, lowered costs, and more efficient trades. We're excited to get this working for our trading community. 🔮💉
In trading, being right isn't enough. Being first is everything.
Introducing Pyth Lazer: 1ms price feeds that make speed your edge.
See first.
Move first.
Learn more ⬇️
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The Adrena Vision💉
Our goal is to release a useful permissionless tool that can be completely owned and governed by the community.
To do this we put a lot of emphasis on the following pillars🧵
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GM. Legit volume yesterday with 125m.
Buckle up and get used to the 📈 +145% (1D) speed.
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The Awakening is coming. 💉
On November 11, our 1st trading competition begins. It will last until December 23rd.
SIZE DOES NOT MATTER. Traders will be placed into Divisions based on volume.
$100K in $ADX + sponsored rewards will be given to traders.
Check out more info below.
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@AdrenaProtocol's Season 1: Expanse starts February 1st.
Trade on our volume-based leaderboards and win your share of 50,000 $JTO and 2,000,000 $ADX rewards.
To do so... you must acquire Mutagen🧪.
🧪 qualifies you for season rankings and the upcoming Airdrop.
...
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Adrena has passed $50,000,000 in trading volume within the first 25 days of the protocol launch!💉
Onwards and upwards
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Today we hit our all time high in daily fees with $92,000! 💉
These fees go directly back to $ALP and $ADX stakers. These fees also go towards $ADX buybacks.
Stake and win below.
app.adrena.xyz/stake
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Awesome to see Adrena at the top of this list!💉
Only the beginning.
Stable Yield Rankings: Week 1 (originally posted on Medium)
I have been diligent about taking profits over the last six months as the crypto market has soared to new all-time highs. I have rotated profits into a wide range of lower-risk opportunities to ensure that I am able to continue to grow my crypto portfolio even if we crest into a longer bear market. Now that I have capital parked in a bunch of different corners of the ecosystem, I wanted to start tracking how well these opportunities are performing. I took stock of each position on December 10th and will be diligently monitoring performance and sharing results each week, along with commentary on how I’m feeling about the performance given the risk/reward profile.
Week 1 Leaderboard
The performance of each product from 12/10–12/17 is shown in the image below. Some things to note about how I’m measuring ROI:
☑️ Starting values for each product were captured on 12/10 (I have different amounts in each product)
☑️ Current values were captured on 12/17 just before drafting this post
☑️ Gains have been re-invested into the same product in all cases except for Adrena Protocol (I’m already overweight here so didn’t want to add further)
Observation 1: Perps LPs are leading the way
The four perpetuals LPs are the best performing yield products over the last week, which is to be expected with the market up over the last week and the underlying LP tokens each having > 50% exposure to blue chip crypto assets like BTC, ETH, and SOL. If the market were down significantly, these would likely be at the bottom of the list (though downside risk is mitigated by fee sharing).
@AdrenaProtocol is the best performing of the four, which makes sense given that Adrena offers 100% fee share to duration locked stakers of ALP and duration locked stakers of their governance token, ADX. They also offer ADX rewards for duration locked stakers. I was also a contributor to their Genesis Pool, so that generates additional rewards.
@flashtrade is the second best performing product, which did surprise me because the fee share is 70% (lower than ALP and in line with JLP) and I’m not taking on extra risk like I’m doing with JLP Multiply. I suspect this will correct over time, but it’s possible that fee share is just more lucrative due to lower TVL in the LP.
JLP Multiply on @KaminoFinance is still no slouch in 3rd, returning 2.74% of the original position value in 7 days, about 0.6% better than just holding JLP.
Observation 2: Incentivized Liquidity Pools are tough to beat
The best performing stable yield in my portfolio is via the USDC-USDS liquidity pool on Kamino. This pool is currently receiving 200,000 USDS and 2,000 RAY per week, for a combined boosted APY of 25.19%. These rewards won’t last forever, so this is not a completely set-and-forget position, but as long as rewards are this good, this is a no-brainer place to park USDC/USDS due to unbeatable risk/reward (stable LPs are probably the safest place to park stablecoins).
Interestingly, the PYUSD-USDC pool is not performing quite as well, returning only 0.38% yield this week compared to 0.57% for the above-mentioned USDC-USDS pool.
Observation 3: Lending aggregators aren’t clearly winning
I have capital parked in two protocols that claim to help users take advantage of the highest lending yields across the Solana DeFi ecosystem (@uselulo and @DeFiCarrot). After one week, Lulo has a slight lead (0.38% yield) over Kamino Lend (0.36% yield) and Carrot (0.33% yield). I was expecting Lulo and Carrot to clearly outperform Kamino Lend, so it’s interesting to see how close things are.
One reason Lulo is probably outperforming is because I have mostly PYUSD and USDS deployed, which have higher lending yields, while Carrot’s portfolio is 95% USDC (only 15% of which is in Kamino JLP).
One week is hardly enough time to make any clear judgments, but if Lulo/Carrot don’t clearly outperform Kamino JLP Lend, you could argue that it’s not smart to take on an extra layer of smart contract risk parking funds in those places if it’s not yielding significantly better returns (especially when Kamino also yields Kamino points for future airdrops of $KMNO).
Observation 4: Elemental is the winning hedge fund, but all are underperforming expected returns
Elemental Fund and Neutral are the 2nd and 3rd best performing USDC products on my list. However, this is a bit underwhelming considering @elementaldefi markets a consistent 40% APY, @TradeNeutral boasted a 100+% APY when I added funds last week, and @HyperliquidX HLP boasted 90+% APY when I added last week. Both Hyperliquid and Neutral showed losses earlier in the week, so the strategies clearly weren't working well over this time period. It’ll be interesting to see if this shifts more favorable over time.
Observation 5: Does Perena earn yield?
@perena is the newest stablecoin product on Solana and offers a range of stable pools for users. Their founder claimed that pools are earning 35% APY, but I see no evidence of this when viewing my positions on the product, so until that is clarified, this is a big fat zero. They just announced they are revamping their UX to make yield easier to discern, so I'm excited to see that change coming up.
I hope this is helpful analysis for folks who are looking to deploy stablecoins to earn some additional yield. I'll report back again in a week to see how things have adjusted. Cheers!
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🚀 Thrilled to join @heliuslabs Startup Launchpad💉
> Study the bald 🧑🦲
> Accelerate the growth 📈
Max bidding on @AdrenaProtocol. Send it.
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With Adrena you get it all💉
- 0 slippage
- 100% Rev Share
- Clean UI
- 100x Leverage
- Open Source
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The devs are devving...💉
Here are some of the recent protocol updates:
•New Live Position Monitoring with filtering and sorting by PnL, owners, etc.
•Dynamic Priority Fees.
•New Max Priority Fee Settings.
•Improved chart clarity.
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As the year comes to an end, we want to give a big thank you to everyone who helped put @Adrenaprotocol on the map for 2024.
@Offside_Labs @jito_labs @triton_one @OverclockSol @PythNetwork @osec_io @ranger_finance @DefiLlama @heliuslabs
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How Adrena Works💉
Adrena allows anyone on Solana to open leveraged positions up to 100x on crypto assets in a peer-to-pool manner, without the need for intermediaries.
Below is a quick, high-level overview of how the protocol works👇🏼
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To celebrate the occasion, the Adrena Foundation will reward the first Agent that trades $10m volume or do $10k positive PnL with a $ADX grant worth 10k USD.
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After only 3 days of increasing our $ALP liquidity pool, we’ve hit the cap at $20 million!
Depositors did not disappoint.
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our first $10M, proudly build on solana.
solana apps generate $6b annualized fees. ethereum apps generate $5b. sol trades at 29x revenue, same multiple as apple and microsoft. the revenue flip already happened, market hasn't repriced it. when fee generation determines valuation instead of tribal narratives, sol adjusts violently higher.
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It's Liquid $ALP Epoch! 💉
▫️ Liquid $ALP now earning 35%+ APR, just hold it!
▪️ All staked $ALP is now fully unlocked
▫️ 1,000 Mutagen, LP Diamond Hands & LP Golden Hands achievements airdrop on the way
▪️ $ADX liquidity mining for ALP staking has stopped, goodbye inflation 👋
▫️ Integrations in progress, Solana DeFi Lego assembling 🚢
The first Solana-native index with juicy yield, powered by $BONK and $JitoSOL.
MLAGA.
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1/ Introducing Kamino Meta-Swap
Delivering the best price execution for any token swaps on @solana—aggregating across all major routes, while introducing a brand new RFQ system powered by @PythNetwork Express Relay
Now live at: swap.kamino.finance
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Adrena is now LIVE on Devnet for testing💉
Get ready to crank up that leverage!
Starting today, you can try out trading on one of the fastest perps DEX on Solana ahead of mainnet release and give any feedback you may have for the platform.
alpha.adrena.xyz/
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We’re excited to be one of the main sponsors for Solana AI Hackathon, organized by @sendaifun, @yashhsm, and @0xaryan — along with top Solana Ecosystem teams.
Excited to see what builders build on top of Adrena!💉
Link in tweet below👇
The first-ever Solana AI Hackathon is now live!
–– $185k+ in cash prizes
–– Global and Online
–– 6 Tracks on AI Agents
–– 10th to 23rd December
Here are all the details and tracks — powered by @sendaifun 🧵
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$100K $ADX LM Incentives are LIVE! 🚀
We’ve launched 2 new pools on @MeteoraAG: ALP/USDC and ALP/SOL, with 4M $ADX (~$100K) incentives over 4 months.
$ALP APR has stayed 140%+ since S2 launch, let’s push ROI even higher with more adoption!
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Congrats size bidooors!
We've increased our max position size from $2 million to $4 million!
Enjoy trading! 💉
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Tik… tok… ⏳
The battlefield resets in 5 days.
Two forces rise — Team BONK & Team JITO.
You must choose a side.
Collect mutagens.
Climb the ranks.
Fight for your faction.
Only one team will dominate.
Riches, reputation, and rewards await.
Season 2 - Factions coming soon.💉
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You ask, Adrena delivers!💉
PnL cards are now available when you close a position on the Adrena platform.
Show us some of yours 👇
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On Sep 17th, at 1200 UTC, We are launching our Genesis Liquidity Program.💉
During this one time incentive program, 50 million $ADX tokens will be distributed to liquidity providers as bonus rewards.
If you want to participate, check out more info below.
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ser your phone out of battery… wat we just ranked #2 in perps volume on Solana, hit top 10 across all the perpDEX, and generated the same fees as MetaMask yesterday? 💀
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CEX-like trading experience with 100% decentralized governance and 100% revenue sharing.
HyperAdrenaLiquid. 💉
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Referral links are now LIVE! 💉
You can now refer your friends to use Adrena with your custom link to start earning _____. 👀
Many more details coming soon
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Season One: Expanse - Day 3 Recap
- 50 new traders joined
- $19m trading volume
- $30k fees generated
- 715 trades
67 days left, come get some
app.adrena.xyz/ranked?view=l…
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GM degens, time to check the ranking rewards on season leaderboard! 💉
The grind can be brutal, but we keep it 100% on-chain and transparent—no hidden games, every point, every move, all trackable.
Cuz we are building on @Solana.
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Don’t forget, Adrena Devnet is LIVE💉
Here’s a quick tutorial on how to try Adrena yourself!
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1 YEAR OF ADRENA 💉
We are happy to kickstart a new trading event to celebrate it!
3 ways to earn:
🎟️ 0.01 Mutagen = 1 raffle ticket, stack more to win big
👾 Rewards for special quest
🧑🎨 Creator rewards for Adrena 1Y content
$50,000 prize pool in $ADX up for grabs! 🎉
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Our second thread competition has come to an end.
A huge thank you to everyone that participated!
Winners will be chosen soon.
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Genesis Liquidity Pool is now LIVE!💉
Deposit now to earn bonus rewards for a limited time.
app.adrena.xyz/genesis
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Come for the pump📈, stay for the trading. 💉
Trade to unlock the Prize Pool, Mutagen, Achievements, and future airdrops.
$ADX isn’t just another magic internet token, it shares 20% of protocol fees, with a max 7D APR at 130%+.
Grind, stake, and stack: app.adrena.xyz/
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A $4M $SOL long position was opened on Adrena 13 days ago. 💉
Likely the largest position you can open on @solana with lowest fees — no slippage, no spread, zero size fees.
Wanna challenge the APEX Trader of Adrena, maybe even Solana(78% win rate, $1M PnL)?
🫣 @JamesWynnReal
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A $3.6M SOL long position was closed today with a $194.8K net profit 💸
0️⃣ spread & slippage paid when opening the position.
Around ~$131K in fees charged, with 70% returned to the pool — generating real yield for $ALP.
Happy traders, happy LPers! 💉
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Proudly Introducing Adrena Trading Comp S3 - Black Market 💉
The war is on.
Order is collapsing.
But opportunity? Thriving.
🎮 Get ready for the on-chain RPG system layered on top of perpetual trading.
Level up. Unlock perks. Equip gear. Dominate.
All powered by $ADX.
(1/5)
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