The explosive growth of decentralized exchanges (DEX) is reshaping the market landscape for Web3 exchanges. From swaps to perpetual contracts, DEX is challenging the dominance of traditional CEX with higher transparency and user sovereignty. In this transformation, Adrena has quickly become a highly regarded perpetual contract platform in the Solana ecosystem with its unique community-driven model and 100% fee rebate mechanism.
The birth of Adrena stems from the founding team's reflection on centralized control in Web3 — whether in trading mechanisms, underlying architecture, or governance models, it seeks to break the shackles of pseudo-decentralization.
1. Adrena's core mechanism
In a nutshell: Adrena is a perpetual contract exchange that completely returns profit rights to users.
As the first DEX on Solana with 100% profit return, Adrena's core logic is simply two points:
1️⃣ How can users profit share?
If you are a trader: Zero opening fees, 0.14% closing fees (industry lowest), the cost saved is profit.
If you are a holder: 70% of fees are automatically distributed to ALP holders, 20% to ADX stakers, and the remaining 10% is used to buy back ADX to boost the token price.
2️⃣ How can users participate in profit sharing?
The platform adopts a dual-token model:
Hold the governance token $ADX and stake: Holders can participate in DAO governance and share 20% of platform revenue;
Deposit USDC, SOL, and other assets to become an LP (exchange for ALP tokens): Represents a share of the fund pool, enjoying a 70% fee dividend, and can earn a dynamic APR through staking.
2. Participation steps
1️⃣ Participate in the trading competition
To accelerate ecosystem expansion, Adrena is hosting a 10-week S2 trading competition (April 26 - July 4), co-sponsored by BONK and Jito. By trading assets like SOL, BONK, BTC, etc., participants can share a prize pool worth approximately $400,000, including: 4.2 billion BONK | 25,000 JTO | 2 million ADX
Connect your Solana wallet; - Access the Adrena trading page and connect your Sol wallet at the top right corner.
After logging in, click 'Ranked' at the top of the page and scroll down to join a camp. Either the Bonk or Jito team, with Bonk currently leading.
Click the top left 'Trade' to select SOL, BONK, or BTC contracts to open positions
After opening a position, you can see the holding status below the K-line chart.
View points — The syringe icon in the top right corner of the page represents points, calculated based on trading duration and profit/loss indicators.
2️⃣ Hold ALP to earn dividends
Deposit USDC, SOL, and other assets on the 'Pool' page to mint ALP tokens and automatically receive a 70% fee dividend.
3️⃣ Stake ADX to earn fees and airdrops
First, go to Jupiter to exchange for ADX (https://jup.ag/swap/USDC-AuQaustGiaqxRvj2gtCdrd22PBzTn8kM3kEPEkZCtuDw)
Stake ADX — Stake here (https://app.adrena.xyz/stake) to share 20% of the fee revenue, distributed via airdrop of USDC. Locking for 360 days can yield the highest reward multiplier;
4️⃣ Participate in DAO proposal voting
For example, the recently approved Meteora DLMM pool incentive proposal allocates $100,000 mining rewards to incentivize the ALP DLMM pool (https://www.meteora.ag/dlmm/39xxvte8BMaW7qBxeedFk9iauG42vxFsTA7yzM9X9cQN)
3. Key information reminders
1️⃣ Fee structure
Zero fee operations: Opening positions, adding margin
0.1% fee rate: Adding/removing liquidity (LP)
0.14% fee rate: Closing positions/liquidation
Dynamic borrowing fee rate: 0-0.008%/hour (fluctuates based on fund pool utilization)
Taking a complete transaction as an example (opening position → setting take profit → closing position), the user's actual cost is only about $0.05, far below mainstream DEXs.
2️⃣ Revenue distribution rules
70% → ALP holders: Directly benefit from the appreciation of the fund pool
20% → ADX stakers: USDC is distributed according to the holding ratio
10% → ADX buyback fund: Used for buybacks and destruction in the secondary market, promoting deflation
3️⃣ Since its launch in September 2024, Adrena data
Total trading volume: $4.7 billion (surpassing most emerging DEXs)
Fee revenue: $4.87 million (100% returned to the community)
ALP managed assets: $25.35 million (the scale of the fund pool continues to expand)
Solana ecosystem ranking: Top three in perpetual contract trading volume.
In a time when CEX is frequently facing crises and MEV issues are rampant, Adrena's community governance model offers a more sustainable solution, perhaps the optimal solution for DEX development.
